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( 1 ) Working Papers
Department of Economics and Technology Management, University of Bergamo
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(1)
Working Papers
Department of Economics and Technology Management, University of Bergamo
Discipline: economics
Series-Type: paper
repec:brh:wpaper
Source: all new
*( 2 ) Open innovation across the prosperity gap: an essay on getting the Caucasus back into the European innovation society.
Steffen Roth
*( 3 ) Poverty and Food Security in Gujarat, India
Anita Dixit
*( 4 ) The Value of Terroir: Hedonic Estimation of Vineyard Sale Prices
Robin Cross; Andrew J. Plantinga; Robert N. Stavins
*( 5 ) The Global Economic Crisis and Beyond: What Possible Future(s) for Development Studies?
Andy Sumner
*( 6 ) Small buyers
Chris Doyle
*( 7 ) Private Equity Performance and Liquidity Risk
Francesco FRANZONI; Eric NOWAK; Ludovic PHALIPPOU
*( 8 ) Noi provocări pentru stabilitatea financiară în contextul crizei internaționale, New Challenges for Financial Stability in the context of the International Crisis
Avadanei, Anamaria
*( 9 ) Well-Being in Development: Comparing Global Designs with Local Views in Peru
James Copestake
*( 10 ) Au delà des politiques de mitigation dans les transports : identification des potentiels déséquilibres systémiques et des stratégies favorisant la résilience.
Hector G. Lopez-Ruiz
*( 11 ) Dividend and Capital Gains Taxation under Incomplete Markets Abstract. The capital income tax cuts that were part of the Jobs and Growth Tax Relief Reconciliation Act of 2003 are expiring this year and the administration has to decide whether to extend them or not. This paper assesses the effects of these tax cuts in a calibrated dynamic general equilibrium framework with uninsurable labor income risk. In particular, it looks at the effects of dividend and capital gains taxes on investment and welfare in a framework where firms are the owners of capital and make investment decisions to maximize their market value. While the effects of capital gains taxes are qualitatively similar to those found when households own the capital, we find that the effects of dividend taxes are different. Surprisingly, a dividend tax cut leads to a reduction in investment. The reason is that it raises the market valuation of the existing capital stock and households require a lower capital stock to maintain the same level of wealth. As a consequence, dividend tax cuts are welfare reducing in the long run, not only because of the traditional reasons of redistribution from the poor to rich, but also because of a fall in aggregate production and consumption. Taking into account the transition mitigates the losses. Still, with our benchmark calibration, a reduction of dividend and capital gains taxes from 31% and 24% to 19% leads to a reduction of more than 0.5% in aggregate welfare in consumption equivalent terms.
Alexis Anagnostopoulos; Eva Carceles-Poveda
*( 12 ) Productivity distribution, firm heterogeneity, and agglomeration: Evidence from firm-level data
Toshihiro Okubo; Eiichi Tomiura
*( 13 ) The Social Dimensions of Idea Work in Haute Cuisine: A Bourdieusian Perspective
Marie-Léandre Gomez; Isabelle Bouty
*( 14 ) Monetary Policy Strategy: Lessons from the Crisis
Frederic S. Mishkin
*( 15 ) Mortality Amenable to Health Care in 31 OECD Countries: Estimates and Methodological Issues
Juan G. Gay; Valérie Paris; Marion Devaux; Michael de Looper
*( 16 ) Instrumentos regulatorios para fomentar la profundizacion del mercado de deuda privada en Colombia
Carlos Aldana; Felipe Aristizabal; Claudia Echavarría
*( 17 ) Cohésion sociale et Variables exogènes
BORSENBERGER Monique; DICKES Paul; FLEURY Charles
*( 18 ) Is It Whom You Know or What You Know? An Empirical Assessment of the Lobbying Process
Marianne Bertrand; Matilde Bombardini; Francesco Trebbi
*( 19 ) Globalizing Citizens: New Dynamics of Inclusion and Exclusion. Claiming Citizenship: Rights, Participation and Accountability Series
Jephias Mapuva
*( 20 ) The Role of Passionate Individuals in Economic Development
Zakharenko, Roman
*( 21 ) The Cross-Section of Hurdle Rates for Capital Budgeting: An Empirical Analysis of Survey Data
Ravi Jagannathan; Iwan Meier; Vefa Tarhan
*( 22 ) The valuation of IPOs in the European legal framework
Michele Meoli; Stefano Paleari; Silvio Vismara
*( 23 ) Теоретические аспекты прогнозирования роста конкурентоспособности предприятий добывающих и обрабатывающих отраслей российской промышленности
Большаков А.В.; Цветков В.А.; Одесс В.И.; Прокопьев М.Г.; Мусаев Э.Т.; Кулагина О.И.; Литвинов В.И.; Янкаускас К.С.
*( 24 ) Gender, Time Use, and Labor Income in Guinea: Micro and Macro Analyses
Parra Osorio, Juan Carlos; Wodon, Quentin
*( 25 ) Tax Policy and Employment: How Does the Swedish System Fare?
Pirttälä, Jukka; Selin, Håkan
*( 26 ) Construction of linkage indicators of greenhouse gas emissions for Aquitaine region
Jean-Christophe MARTIN (GREThA, CNRS, UMR 5113); Patrick POINT (GREThA, CNRS, UMR 5113)
*( 27 ) Saints Marching In, 1590-2009
Robert J. Barro; Rachel M. McCleary
*( 28 ) La Argentina y el abandono del patrón oro
Elías Salama
*( 29 ) Relative Efficiency of a Quantile Method for Estimating Parameters in Censored Two-Parameter Weibull Distributions
Jonsson, Robert
( 30 ) Инновации в управлении региональным и отраслевым развитием : сб. науч. тр.
Тюмень : ТюмГНГУ
*( 31 ) The Dynamics of Competition: Phasing of Domestic and External Liberalisation in India
Arvind Virmani
*( 32 ) Total Factor Productivity in Indian Agriculture: Some Conceptual and Methodological Issues
Saikia, Dilip
*( 33 ) Competitive Equilibria with Production and Limited Commitment
Arpad Abraham; Eva Carceles-Poveda
*( 34 ) Volatility made observable at last
Michel Fliess; C\"edric Join; Fr\"ed\"eric Hatt
*( 35 ) Engaging Parents, Youth and Schools in Developing Academic Success
Irma Mesiridze
*( 36 ) Hot Stuff: Would Climate Change Alter Transboundary Water Sharing Treaties?
Ambec, Stefan; Dinar, Ariel
*( 37 ) How Time Preferences Differ: Evidence from 45 Countries
Mei WANG; Marc Oliver RIEGER; Thorsten HENS
( 38 ) Financial Markets Equilibrium with Heterogeneous Agents
Jaksa CVITANIC; Elyès JOUINI; Semyon MALAMUD; Clotilde NAPP
( 39 ) Инновационный бизнес региона: актуальные проблемы развития : материалы междунар. научно-практ. конф. в рамках междунар. экон. форума «Человеческий капитал – ключевой ресурс модернизации российской экономики»
Омск
*( 40 ) EDUCATION AND LABOUR MARKET OUTCOMES: EVIDENCE FROM BRAZIL
Geraint Johnes; Aradhna Aggarwal; Ricardo Freguglia; Gisele Spricigo
*( 41 ) Qué es la ética económica
Georges Enderle
*( 42 ) Volatility made observable at last
Michel Fliess; Cédric Join; Frédéric Hatt
*( 43 ) Local Governments Tax Autonomy, Lobbying, and Welfare
Sandro Brusco; Luca Colombo; Umberto Galmarini
*( 44 ) Оценка роли муниципальных образований в природоохранной деятельности (Промежуточный отчет).
Гусев А.А.; Рюмина Е.В.; Коробова Н.Л.; Манжос Е.Г.; Кашенкова О.В.
*( 45 ) Simple conservative confidence intervals for comparing matched proportions
Jonsson, Robert
*( 46 ) De-Hubbing cases and recovery patterns
Renato Redondi; Paolo Malighetti; Stefano Paleari
*( 47 ) Thomas Kuhn: el paso de la racionalidad algorítmica a la racionalidad hermenéutica
Gabriel J. Zanotti
*( 48 ) Desk rejection in an academic publication market model with matching frictions
Radu Vranceanu; Damien Besancenot; Kim Huynh
*( 49 ) Investor and Central Bank Uncertainty and Fear Measures Embedded in Index Options
Alexander David; Pietro Veronesi
*( 50 ) Contrastes de cointegración sobre la paridad del poder de compra: una aplicación a los datos de la economía peruana
Juan Pizarro R.
*( 51 ) The selection effect of two-way trade in the Melitz model: an alternative approach
Jacques Potin
*( 52 ) estimación de una superficie de volatilidades para las opciones de tasa de cambio USD/COP
Andrés Gómez
*( 53 ) Un modèle de programmation stochastique pour l"allocation stratégique d"actifs d"un régime de retraite partiellement provisionné
Alaeddine Faleh
( 54 ) Политические рынки и экономическая политика
Афонцев С.А.
( 55 ) Российский статистический ежегодник. 2010: cтат. сб. [Электронный ресурс]
М. : Статистика России
*( 56 ) Internal finance and corporate investment: Belgian evidence with panel data
Barran, Fernando; Peeters, Marga
*( 57 ) Store Choice in the Emerging Indian Apparel Retail Market: an Empirical Analysis
Amit Mittal; Ruchi Mittal
*( 58 ) Deficit Fundamentalism vs Fiscal Federalism: Implications of 13th Finance Commission"s Recommendations
Chakraborty, Pinaki
*( 59 ) Monetary policy transmission in an emerging market setting.
Bhattacharya, Rudrani; Patnaik, Ila; Shah, Ajay
*( 60 ) Mother"s Autonomy and Child Welfare
Tanika Chakraborty
*( 61 ) ¿Se puede hablar de hiperinflación en el Perú en 1988-1990? una comparación con otras experiencias
Santiago Roca; Luis Simabuko
*( 62 ) Rentabilidad sectoriales y política macroeconómica
César Ferrari
*( 63 ) Innovation Policies and International Trade Rules: The Textile and Clothing Industry in Developing Countries
Owusu Boampong
*( 64 ) Housing Prices and Fundamentals: The Role of a Supply Shifter
Durmaz, Nazif
*( 65 ) Les enjeux liés à la Mesure du Capital Naturel: L’exemple de la Nouvelle-Calédonie
Cécile Couharde; Vincent Géronimi; Elodie Maitre d"Hotel; Armand Taranco
*( 66 ) Фундаментальные основы определения биоресурсной ренты и природной ренты экосистемы
Моткин Г.А.; Гусев А.А.; Рюмина Е.В.; Тулупов А.С.; Новосёлова И.Ю.; Городничева И.В.; Усманова Н.А.
*( 67 ) A CUSUM PROCEDURE FOR DETECTION OF OUTBREAKS IN POISSON DISTRIBUTED MEDICAL HEALTH EVENTS
Jonsson, Robert
*( 68 ) Homogeneous Volatility Bridge Estimators
Alexander SAICHEV; Didier SORNETTE; Vladimir FILIMONOV; Fulvio CORSI
*( 69 ) The impact of airport competition on technical efficiency: A Stochastic Frontier Analysis applied to Italian airports
Davide Scotti; Paolo Malighetti; Gianmaria Martini; Nicola Volta
*( 70 ) A Bayesian Model of Sample Selection with a Discrete Outcome Variable
Maksym, Obrizan
*( 71 ) Cross-sectional consumption-based asset pricing: The importance of consumption timing and the inclusion of severe crises
Tom Engsted; Stig V. Møller
*( 72 ) Integration Aspects of Subsequent EU Joiners
Cicero I Limberea; Mihaela Onofrei; Mihaela Tofan
*( 73 ) Report of the Thirteenth Finance Commission conundrum in conditionalities.
M. Govinda Rao
*( 74 ) Food Security Concept, Condition and Trends in Georgia
Salome Asatiani
*( 75 ) Import Demand Behavior of Arab Countries: Recent Trends and Influence of Geopolitical Events
Nader Habibi
*( 76 ) Cardinality versus q-Norm Constraints for Index Tracking
Bjoern Fastrich; Sandra Paterlini; Peter Winker
*( 77 ) In search of a selfish central banker? a note
Eric Dehay
*( 78 ) A Variational Approach in Drivelines Terminal Control
Cumhur Aksu
*( 79 ) Equity
Goodwin, Neva
*( 80 ) Evolutionary Finance and Dynamic Games
Rabah AMIR; Igor V. EVSTIGNEEV; Thorsten HENS; Le XU
*( 81 ) Migration and Social Insurance
Cremer, Helmuth; Goulão, Catarina
*( 82 ) Relaciones de largo plazo entre el sector agrícola y ei no agrícola: un estudio de cointegración para la economía peruana
Javier Escobal
*( 83 ) The dynamic relationship between competitive priorities and manufacturing best practices: a longitudinal analysis
Raffaella Cagliano; Federico Caniato; Matteo Kalchschmidt; Ruggero Golini
*( 84 ) An Overview of UNCTAD"s Least Developed Countries Report 2010: Towards a New International Development Architecture for LDCs
Charles Gore; Zeljka Kozul-Wright
*( 85 ) Tax Evasion under Market Incompleteness
Marco Maffezzoli
( 86 ) Научный потенциал и инновационная активность в России. Вып. 4 : стат. сб.
М. : Языки славянской культуры
*( 87 ) Co-operation and conflict in the management of a health scare: the work of the Tobacco Industry Research Committee
Sue Bowden; Martin Forster; Martin Walsh
*( 88 ) Balanza de pagos, deuda externa y crecimiento: el caso de la economía brasileña
Gloria Canales
*( 89 ) Do Institutions Matter for FDI Spillovers? The Implications of China"s "Special Characteristics"
Luosha Du; Ann Harrison; Gary Jefferson
*( 90 ) Modelling Monetary and Fiscal Policy in the US: A Cointegration Approach
J. James Reade
*( 91 ) What is Hidden, in the Hidden Economy of Pakistan? Size, Causes, Issues and Implications
Gulzar, Ahmed; Junaid, Novaira; Haider, Adnan
( 92 ) Лингвистика институциональной экономики
Иншаков О.В.; Фролов Д.П.
*( 93 ) A Repeat Sales Index Robust to Small Datasets
Michel Baroni; Fabrice Barthélémy; Mokrane Mahdi
( 94 ) On Devising Various Alarm Systems for Insurance Companies
Das, Shubhabrata; Kratz, Marie
*( 95 ) Indian social democracy: The resource perspective
Kelkar, Vijay; Shah, Ajay
*( 96 ) Investment Climate of Georgia after “Rose Revolution”: Recent Improvements and New Challenges
Tea Kbiltsetskhlashvili
*( 97 ) Global Economic Crisis: Is Georgia At Risk?
Maka Bughulashvili
*( 98 ) Incentives for Accuracy in Analyst Research
Patricia Crifo; Hind Sami
*( 99 ) Effect of a law limiting upcoding on hospitals’ admissions: Evidence from Italy
Giorgio Vittadini; Paolo Berta; Gianmaria Martini; Giuditta Callea
*( 100 ) Анализ состояния и перспективы развития нефтегазового сектора России
Елисеев Д.О.; Моргунов Е.В.; Аносов А.В.; Горина С.А.; Живица В.И.; Наумова Ю.В.; Чернявский С.В.; Витохин С.В.; Чернявский В.С.
*( 101 ) Memory Lane and Morality: How Childhood Memories Promote Prosocial Behavior
Francesca Gino; Sreedhari D. Desai
*( 102 ) The Impact of the Global Business Cycle on Small Open Economies: A FAVAR Approach for Canada
Garima Vasishtha; Philipp Maier
*( 103 ) Business Education in Post Soviet Countries
Natela Doghonadze
*( 104 ) Анализ и обобщение теоретических аспектов экономико-математического моделирования инновационного развития на макро-, мезо- и микроэкономическом уровнях экономики России и стран СНГ (Заключительный отчет)
Цветков В.А.; Зоидов К.Х.; Андреев В.В.; Медков А.А.; Быкадоров М.А.; Губин В.А.; Ильин М.В.; Кондраков А.В.; Биджамова К.В.; Зоидов З.К.; Медников В.В.
*( 105 ) Состояние и перспективы финансово-денежной и экологической политики в России в изменяющихся экономических условиях
Петраков Н.Я.; Мудрецов А.Ф.; Соловьёва С.В.; Сайфиева С.Н.; Ремезова М.Ю.; Ермилина Д.А.
*( 106 ) Influencia de las condiciones económicas y fiscales sobre los resultados electorales provinciales y municipales
Alberto Porto; Natalia Porto
*( 107 ) Family Firms and Regional Innovation Activity: Evidence from the German Mittelstand
Block, Joern; Spiegel, Frank
( 108 ) Капитал: Квинтэссенция всех томов «Капитала» в одной книге
Маркс К.
*( 109 ) Efíciencia relativa y desarrollo de la productividad en la producción peruana de cemento (un enfoque no paramétrico)
Luiz Cabezas; Ann Veiderpass
*( 110 ) Проблемы интеграции и инновационного развития транспортных систем России и стран Центральной Азии в посткризисный период
Цветков В.А.; Зоидов К.Х.; Медков А.А.
*( 111 ) Globalisation Theories and Their Effect on Education
Nikoloz Parjanadze
*( 112 ) Tax-Benefit Systems in Europe and the US: Between Equity and Efficiency
BARGAIN Olivier; DOLLS Mathias; NEUMANN Dirk; PEICHL Andreas; SIEGLOCH Sebastian
*( 113 ) Unconventional Fiscal Policy at the Zero Bound
Isabel Correia; Emmanuel Farhi; Juan Pablo Nicolini; Pedro Teles
*( 114 ) Money in a DSGE framework with an application to the Euro Zone
André Fourçans; Jonathan Benchimol
*( 115 ) The Impact of Quasi-Regulatory Mechanisms on Polluting Behavior: Evidence from Pollution Prevention Programs and Toxic Releases
Linda Bui
*( 116 ) Trading activity and price impact in parallel markets: SETS vs. off-book market at the London Stock Exchange
Angelo Carollo; Gabriella Vaglica; Fabrizio Lillo; Rosario N. Mantegna
*( 117 ) Assessing the Responsiveness of Private Investment to Economic Reforms: The Case of MENA Countries
Ahmet Faruk Aysan; G. Pang; Marie-Ange Veganzones
*( 118 ) Monetary policy and its impact on stock market liquidity: Evidence from the euro zone
Octavio Fernández-Amador; Martin Gächter; Martin Larch; Georg Peter
*( 119 ) Financial Integration, Entrepreneurial Risk and Global Imbalances
George-Marios Angeletos; Vasia Panousi
*( 120 ) Integración económica y localización de la actividad productiva: el caso del Mercosur
Christian Volpe Martincus
*( 121 ) Part time employment and happiness: A cross-country analysis
Pamela Lenton
*( 122 ) Proper Welfare Weights for Social Optimization Problems
Alexis Anagnostopoulos; Eva Carceles-Poveda; Yair Tauman
*( 123 ) An Overview on Institutionalism and Decentralized Decision-Making, An Overview on Institutionalism and Decentralized Decision-Making
Cioclea, Alexandra Ema
*( 124 ) The limitations of markets: Background essay
Goodwin, Neva
*( 125 ) The myth of post-reform income stagnation: Evidence from Brazil and Mexico
de Carvalho Filho, Irineu; Chamon, Marcos
*( 126 ) Low–cost fare response to new entry
Paolo Malighetti; Stefano Paleari; Renato Redondi
*( 127 ) Un ensayo sobre la planificación social
César Sotomayor Valdivia
*( 128 ) Channels Through Which Human Capital Inequality Influences Economic Growth
Amparo Castelló-Climent
*( 129 ) Características y Rendimiento de Estudiantes Universitarios. El Caso de la Facultad de Ciencias Económicas de la Universidad Nacional de La Plata.
Alberto Porto; Luciano Di Gresia
*( 130 ) House Prices,Disposable Income,and Permanent and Temporary Shocks
Patricia FRASER; Martin HOESLI; Lynn MCALEVEY
( 131 ) Наука. Инновации. Образование : альманах. Вып. 9
М. : Языки славянской культуры
*( 132 ) IPO pricing: growth rates implied in offer prices
Giordano Cogliati; Stefano Paleari; Silvio Vismara
*( 133 ) The Term Structure of Interest Rate as a Predictor of Inflation and Real Economic Activity: Nonlinear Evidence from Turkey, The Term Structure of Interest Rate as a Predictor of Inflation and Real Economic Activity: Nonlinear Evidence from Turkey
Omay, Tolga
*( 134 ) Вопросы политики валютного курса стран с переходной экономикой (на примере валютной политики Российской Федерации)
Шагалов Г.Л.
*( 135 ) Развитие информационно-технологической инфраструктуры института (Промежуточный отчет)
Когаловский М.Р.
*( 136 ) Low–cost pricing strategies in leasure markets
Paolo Malighetti; Renato Redondi; Andrea Salanti
*( 137 ) Reducing Greenhouse Gas Emissions by Forest Protection: The Transaction Costs of REDD
Lee J. Alston; Krister Andersson
*( 138 ) An Experimental Study On Real Option Strategies
Mei WANG; Abraham BERNSTEIN; Marc CHESNEY
*( 139 ) Política salarial y dinámica de las remuneraciones promedio: Lima Metropolitana 1980-1990
Lucía Romero B.
*( 140 ) Loss Leading as an Exploitative Practice
Rey, Patrick; Chen, Zhijun
*( 141 ) India"s financial globalisation.
Shah, Ajay; Patnaik, Ila
*( 142 ) Igualdad de Oportunidades e Ingreso a la Universidad Pública en la Argentina
Huberto Ennis; Alberto Porto
*( 143 ) Repeated Rounds with Price Feedback in Experimental Auction Valuation: An Adversarial Collaboration
Corrigan, Jay; Drichoutis, Andreas; Lusk, Jayson; Nayga, Rodolfo; Rousu, Matt
*( 144 ) Life satisfaction and self-employment: A matching approach
Martin Binder; Alex Coad
*( 145 ) Developing the Poorest Countries: New Ideas from the 2010 UNCTAD LDC Report
Giovanni Andrea Cornia
*( 146 ) Using Genetic Algorithms to Develop Strategies for the Prisoners Dilemma
Haider, Adnan
*( 147 ) Securitization without Adverse Selection: The Case of CLOs
Efraim Benmelech; Jennifer Dlugosz; Victoria Ivashina
( 148 ) Нефтяная промышленность России - сценарии сбалансированного развития. Проект
М. : ИАЦ Энергия
*( 149 ) Banks" risk race: A signaling explanation
Radu Vranceanu; Damien Besancenot
*( 150 ) Población y medio ambiente: una parábola sobre la leña y otras historias
Marc Nerlove; Anke Meyer
*( 151 ) An Experimental Study On Real Option Strategies
Mei WANG; Abraham BERNSTEIN; Marc CHESNEY
*( 152 ) Equity Issuance and Divident Policy under Commitment
Alexis Anagnostopoulos; Eva Carceles-Poveda; Albert Marcet
*( 153 ) Investigation of Cobalt Solubilities from Pyrite Cinder fn Sulphuric Acid Solution
Mustafa Akdağ
*( 154 ) The Problem of Moral Hazard and Effects of Deposit Insurance Project
Sophio Khundadze
*( 155 ) A Qualitative Analysis of Policymaking on the Food Price Crisis in the Andean Region: Preparing for the Next Crisis
José Cuesta
*( 156 ) Currency and Financial Crises of the 1990s and 2000s
Assaf Razin; Steven Rosefielde
( 157 ) Макроэкономическая динамика северных регионов России
Сыктывкар
*( 158 ) The Effects of Culture on the Leadership Style in Georgia
Nino Tkeshelashvili
*( 159 ) The 2010 UNCTAD Least Developed Countries Report – Towards a New Development Architecture for LDCs
Dennis Rodgers
*( 160 ) The Hotelling-Downs Model with Runoff Voting
Sandro Brusco; Marcin Dziubinski; Jaideep Roy
*( 161 ) Educación, capital humano y crecimiento económico: el caso de América Latina
Marco E. Terrones; César Calderón
*( 162 ) Save the World in a Week: Volunteer Tourism, Development and Difference
Barbara Vodopivec; Rivke Jaffe
*( 163 ) Gender and Corruption: Lessons from Laboratory Corruption Experiments
Björn Frank; Johann Graf Lambsdorff; Frédéric Boehm
*( 164 ) Calibration of the subdiffusive arithmetic Brownian motion with tempered stable waiting-times, Calibration of the subdiffusive arithmetic Brownian motion with tempered stable waiting-times
Sebastian , Orzeł; Agnieszka, Wyłomańska
( 165 ) Большая Российская энциклопедия : в 30 т. Т. 15 : Конго - Крещение
М. : Большая Рос. энц.
*( 166 ) Export versus FDI in services
Bhattacharya, Rudrani; Patnaik, Ila; Shah, Ajay
*( 167 ) Reforming the Indian financial system.
Shah, Ajay; Patnaik, Ila
*( 168 ) Red, Blue, and the Flu: Media Self-Selection and Partisan Gaps in Swine Flu Vaccinations
Baum, Matthew A.
*( 169 ) Relative Concerns of Rural-to-Urban Migrants in China
AKAY Alpaslan; BARGAIN Olivier; ZIMMERMANN Klaus F.
*( 170 ) Dispensing practices and antibiotic use
Massimo Filippini; Giuliano Masiero; Karine Moschetti
*( 171 ) From outer circle to center stage: The maturation of heterodox economics
Goodwin, Neva; Harvey (eds), John; Garnett (eds), Rob
*( 172 ) An assessment model to evaluate supply chain resiliency: application in the assembly industry
Juri Gualandris; Matteo Kalchschmidt
*( 173 ) Determinants of Poverty in Elderly-Headed Households in the Philippines
Mapa, Dennis S.; Bersales , Lisa Grace S.; Albis, Manuel Leonard F.; Daquis , John Carlo P.
*( 174 ) Imprecision of Central Bank Announcements and Credibility
Daniel Laskar
*( 175 ) The Effects of Automobile Recalls on the Severity of Accidents
Hugo Benitez-Silva; Yong-Kyun Bae
*( 176 ) Binomial menu auctions in government formation
Breitmoser, Yves
*( 177 ) Evaluating State Performance: A Critical View of State Failure and Fragility Indexes
Francisco Gutiérrez Sanín
*( 178 ) Trade and Colonial Status
José De Sousa; Julie Lochard
*( 179 ) Discounting in Mortgage Markets
Jason Allen; Robert Clark; Jean-François Houde
*( 180 ) Unpacking Knowing Integration: A Practice-based Study in Haute Cuisine
Marie-Léandre Gomez; Isabelle Bouty
*( 181 ) Accounting for the dead in the longitudinal analysis of income-related health inequalities
Petrie , Dennis; Allanson, Paul; Gerdtham, Ulf-G
( 182 ) The EU ETS and Firm Profits: An Ex-post Analysis for Swedish Energy Firms
Yu, Haisan
*( 183 ) The 2010 UNCTAD LDC Report: A Call for Action
Richard Jolly
*( 184 ) Characterization of inequality changes through microeconometric decompositions. The case of Greater Buenos Aires.
Leonardo Gasparini; Mariana Marchionni; Walter Sosa Escudero
*( 185 ) valoracion de las quality options en los futuros de TES
Andrés Vélez
*( 186 ) The information content of implied volatilities of options on eurodeposit futures traded on the LIFFE: is there long memory?
Cifarelli, giulio
*( 187 ) ESL Teaching and Learning Background in the United States of America
Ekaterine Pipia
*( 188 ) Ambiguity and the Bayesian Paradigm
Itzhak Gilboa; Massimo Marinacci
*( 189 ) Engels Law Around the World 150 Years Later
Richard Anker
*( 190 ) Why Doesn’t Microfinance Work? The Destructive Rise of Local Neoliberalism
Antonia Fernandez
*( 191 ) Экономико-правовое регулирование экологической ответственности
Моткин Г.А.; Тулупов А.С.; Усманова Н.А.; Городничева И.В.; Новосёлова И.Ю.
*( 192 ) Did the Stimulus Stimulate? Real Time Estimates of the Effects of the American Readjustment and Recovery Act
James Feyrer; Bruce Sacerdote
*( 193 ) The Formation of Nation-State and Cultural Identity: A Georgian Perspective
Lali Surmanidze; Lia Tsuladze
*( 194 ) Information and Efficiency: Goal Arrival in Soccer Betting
Karen Croxson; J. James Reade
*( 195 ) Migraciones y formación de mercados laborales: la fuerza de trabajo indígena de Lima a comienzos del siglo XVII
Miguel Jaramillo
*( 196 ) Liquidity in the Foreign Exchange Market: Measurement, Commonality,and Risk Premiums
Loriano MANCINI; Angelo RANALDO; Jan WRAMPELMEYER
*( 197 ) The Distribution of the Size of Price Changes
Alberto Cavallo; Roberto Rigobon
*( 198 ) Four Myths and a Financial Crisis
Radu Vranceanu
*( 199 ) Does the Indexing of Government Transfers Make Carbon Pricing Progressive?
Don Fullerton; Garth Heutel; Gilbert E. Metcalf
*( 200 ) A Geometric Representation of the Frisch-Waugh-Lovell Theorem
Walter Sosa Escudero
*( 201 ) The Evolution of Work
Markus Mobius; Raphael Schoenle
*( 202 ) Time-like Dual Curves of Constant Breadth in Dual Lorentzian Space
Suha Yılmaz
*( 203 ) Bienes de producción local en la provincia de Buenos Aires
Carlos Lamarche; Josefina Posadas
*( 204 ) Impact of economic growth and financial development on exports: Cointegration and causality analysis in Pakistan, Impact of economic growth and financial development on exports: Cointegration and causality analysis in Pakistan
Shahbaz, Muhammad; Rahman, Mizanur
*( 205 ) Межрегиональное социально-экономическое пространство Российской Федерации: оценка интеграционного потенциала
Цветков В.А.; Зоидов К.Х.; Медков А.А.; Быкадоров М.А.; Губин В.А.; Ильин М.В.; Кондраков А.В.; Биджамова К.В.; Зоидов З.К.; Медников В.В.
*( 206 ) The Impact of Education on Health Status: Evidence from Longitudinal Survey Data.
Bichaka Fayissa; Shah Danyal; J.S. Butler
*( 207 ) The Porter Hypothesis at 20: Can Environmental Regulation Enhance Innovation and Competitiveness?
Ambec, Stefan; Cohen, Mark; Elgie, Stewart; Lanoie, Paul
*( 208 ) The Participation Gap: Evidence from Compulsory Voting Laws
Hangartner, Dominik; Schmid, Lukas
*( 209 ) Модернизация и инновационное развитие экономики России
Цветков В.А.; Моргунов Е.В.; Елисеев Д.О.; Жаворонков И.В.
*( 210 ) WEATHR: Stata module to display US weather conditions
Neal Caren
*( 211 ) Driven by Social Comparisons: How Feedback about Coworkers Effort Influences Individual Productivity
Francesca Gino; Bradley R. Staats
*( 212 ) Mejorando la protección al inversionista y la regulación del mercado de valores
John C. Coffee, Jr.
----------
*(2)
Open innovation across the prosperity gap: an essay on getting the Caucasus back into the European innovation society.
Steffen Roth
Abstract: The paper shows how both intra-national and international
strategies of open innovation and crowdsourcing could be used to reduce or
even invert the brain drain of Caucasian societies and, hence, could lead
to more sustainable and, first of all, local returns on investments in the
regions excellent educational infrastructure.
JEL Codes: M21, O31, O33
Keywords: open innovation, crowdsourcing, brain drain, brain gain, Caucasus, innovation competition, Diaspora networks, regional development.
Downloads:
http://journal.ibsu.edu.ge/index.php/ibsusj/article/download/75/47
Discipline: economics
Series-Type: article
repec:ibl:journl:v:2:y:2008:i:2:p:5-20
*(3)
Poverty and Food Security in Gujarat, India
Anita Dixit
Abstract: This article analyses poverty, in the light of the prevailing
methodological and definitional debates, in Gujarat, one of the fastest
growing states in India. We examine the divergence between the official and
nutrition-based poverty lines (PLs) and analyse its possible causes. First,
to study whether the ‘PL bundle’ has changed over time, we test whether
poverty is sensitive to changes in the base year; second, we examine the
impact of food prices on the change in consumption at given expenditure
levels; and third, we study the possible relation between poverty and
foodgrain availability. We conclude that poverty is underestimated because
official figures do not consider the change in consumption patterns,
occurring partly as a result of high relative food prices. Nutrition
poverty levels in Gujarat are higher than all-India levels, which creates a
case for direct nutritional intervention for the poor.À la lumière des
débats conceptuels et méthodologiques dominants, nous cherchons dans cet
article à analyser la pauvreté dans le Gujarat, l’un des états indiens dont
la croissance économique est la plus rapide. Nous examinons l’écart entre
le seuil de pauvreté officiel et le seuil basé sur des critères
nutritionnels et nous en analysons les causes possibles (i) Afin de
déterminer si le ‘panier de biens de première nécessité’ a évolué au cours
du temps, nous testons si la pauvreté est sensible aux changements qui se
produisent au cours d’une année de base donnée; (ii), nous étudions
l’impact des prix de la nourriture sur l’évolution de la consommation, à
des niveaux de dépenses donnés. (iii) Nous examinons la relation possible
entre la pauvreté et la disponibilité des céréales. Nous concluons que la
pauvreté est sous-estimée dans la mesure où les chiffres officiels ne
prennent pas en compte les changements dans les habitudes de consommation,
qui se produisent en partie en raison des prix relativement élevés de la
nourriture. Les niveaux de pauvreté alimentaire dans le Gujarat sont plus
élevés que ceux du pays dans son ensemble, ce qui tendrait à justifier une
intervention directe auprès desplus pauvres sous forme d’aide alimentaire.
Downloads:
http://www.palgrave-journals.com/ejdr/journal/v23/n1/pdf/ejdr201036a.pdf
http://www.palgrave-journals.com/ejdr/journal/v23/n1/full/ejdr201036a.html
Discipline: economics
Series-Type: article
repec:pal:eurjdr:v:23:y:2011:i:1:p:129-150
*(4)
The Value of Terroir: Hedonic Estimation of Vineyard Sale Prices
Robin Cross; Andrew J. Plantinga; Robert N. Stavins
Abstract: We examine the value of terroir, which refers to the special
characteristics of a place that impart unique qualities to the wine
produced. We do this by conducting a hedonic analysis of vineyard sales in
the Willamette Valley of Oregon to ascertain whether site attributes, such
as slope, aspect, elevation, and soil types, or designated appellations are
more important determinants of price. We find that prices are strongly
determined by sub-AVA appellation designations, but not by specific site
attributes. These results indicate that the concept of terroir matters
economically, although the reality of terroir – as proxied for by
locational attributes – is not significant.
JEL Codes: C2; Q11
Downloads:
http://www.nber.org/papers/w16762.pdf
Discipline: economics
Series-Type: paper
repec:nbr:nberwo:16762
*(5)
The Global Economic Crisis and Beyond: What Possible Future(s) for Development Studies?
Andy Sumner
Abstract: The context for ‘development’ – however defined – is changing,
not only because of the global economic crisis, but also in light of
broader changes. If the context for development is changing, then the study
of this ‘development’ will also need to adapt to these changing
circumstances. This article seeks to contribute to debates on the future of
development studies (DS), and consider what the changing context for
‘development’ might mean for a new ‘operating system’ within DS. The
article outlines two possible stylised futures to trigger debate,
respectively based on a widening or a narrowing of the scope of DS: A
future DS with a broader scope via global perspectives on inter-connected
development (a ‘one-world’ DS); and a future DS with a narrower scope via
attention to the needs of the poorest countries or the poorest people (a
‘bottom billion’ DS).Le contexte du ‘développement’ – quelqu′en soit la
définition – est actuellement en mutation. Ceci est vrai non seulement à la
lumière de la crise économique mondiale, mais aussi à cause d’autres
changements plus généraux de grande envergure. Si le contexte du
développement évolue, il est clair que l’étude de ce ‘développement’ devra,
d′une manière ou d′une autre, s′adapter à ces changements. Cet article
cherche à contribuer à la réflexion sur l′avenir des études du
développement et à examiner les implications des évolutions du contexte du
développement pour l′émergence d′un nouveau ‘système d′exploitation’ pour
la recherche sur le développement. Nous présentons deux possibles scénarios
stylisés afin de provoquer un débat, basé respectivement sur un
élargissement et un rétrécissement du champ de la recherche sur le
développement : Une recherche dont le champ d′analyse est élargi à travers
des perspectives globales sur un développement interdépendant (une
recherche sur le développement d’un monde ‘dans son ensemble’) vis-à-vis
d′une recherche dont le champ est plus étroit, davantage centrée sur les
besoins des pays ou populations les plus pauvres (les études du
développement focalisées sur ‘le milliard du bas’).
Downloads:
http://www.palgrave-journals.com/ejdr/journal/v23/n1/pdf/ejdr201056a.pdf
http://www.palgrave-journals.com/ejdr/journal/v23/n1/full/ejdr201056a.html
Discipline: economics
Series-Type: article
repec:pal:eurjdr:v:23:y:2011:i:1:p:43-58
*(6)
Small buyers
Chris Doyle
Abstract: We develop a model of retail competition and negotiations with an
upstream supplier for several firms of different sizes. Contrary to
existing thinking, we demonstrate that the larger a buyer the less
countervailing power he possesses over the supplier. The reason for this is
that a buyer"s outside option - the ability to integrate backwards -
becomes proportionately weaker as he grows in size as self-production is
characterised by diseconomies of scale.
JEL Codes: L4, L1
Keywords: Buyer power, countervailing power
Downloads:
http://www.accessecon.com/Pubs/EB/2011/Volume31/EB-11-V31-I1-P49.pdf
Discipline: economics
Series-Type: article
repec:ebl:ecbull:eb-11-00003
*(7)
Private Equity Performance and Liquidity Risk
Francesco FRANZONI; Eric NOWAK; Ludovic PHALIPPOU
Abstract: This is the first study that provides evidence of liquidity risk
in a large sample of private equity investments. It relies on the realized
cash flows of 4,403 liquidated in- vestments. We find that a one standard
deviation increase in unexpected aggregate liquidity raises returns between
4% and 10% annually, depending on liquidity measures. This effect is robust
to controlling for investment characteristics and macroeconomic variables.
Larger investments and investments from more mature private equity firms
have returns that are more sensitive to unexpected liquidity. Using the
Pástor and Stambaugh (2003) traded liquidity factor, we estimate a
liquidity risk premium in pri- vate equity of about 3% annually. Accounting
for liquidity risk, the historical cost of capital for private equity is
about 24% annually and the alpha (before fees) is close to zero.
JEL Codes: C51; G12; G23
Keywords: Private equity; Liquidity risk; Cost of capital
Downloads:
http://ssrn.com/abstract=1517044
Discipline: economics
Series-Type: paper
repec:chf:rpseri:rp0943
*(8)
Noi provocări pentru stabilitatea financiară în contextul crizei internaționale, New Challenges for Financial Stability in the context of the International Crisis
Avadanei, Anamaria
Abstract: Abstract: The recent global financial crisis has exposed
weaknesses in economic policy and financial structure on a national and
international level. The aim of this paper is to underline how the present
financial crisis affects the financial stability. The study is structured
on chapters that present theories of the financial instability, main
features of the threatening factors for the financial stability in the
opinion of the specialists, the associated risks and the potential effects,
the solutions and the recovery measures proposed by the economists and
applied by the financial institutions. To conclude, deep reforms are
needed, the major directions to improve are cooperation, efficient risk
management, information transparency, governance change and health of the
financial components.
JEL Codes: E44; G32; G01;
Keywords: financial crisis; risks; financial stability; financial reform.
Downloads:
http://mpra.ub.uni-muenchen.de/28555/
Discipline: economics
Series-Type: paper
repec:pra:mprapa:28555
*(9)
Well-Being in Development: Comparing Global Designs with Local Views in Peru
James Copestake
Abstract: Disagreements over development arise in part from different ways
of thinking about human well-being, an issue explored here with reference
to two pieces of empirical research in Peru. The first is an analysis of
ontological assumptions underpinning secondary literature on development
policy at the national level. The second is the pilot testing of a combined
ethnographic and psychometric approach to measuring individuals’
perceptions of well-being. Congruence and disjuncture between the different
views of well-being that emerge from this analysis are systematically
explored, along with the potential for reducing such gaps as a means to
improving development practise. The paper also examines the link between
such analysis and the role of what Mignolo refers to as ‘border thinking’
within the geopolitics of knowledge.Les désaccords concernant le
développement résultent en partie des manières diverses d’envisager le
bien-être humain. Nous examinons cette question en nous appuyant sur deux
travaux de recherche empirique menés au Pérou. Le premier est une analyse
des hypothèses ontologiques sous-tendant la littérature secondaire sur la
politique de développement national. Le second est l’essai pilote d’une
approche à la fois ethnographique et psychométrique de la mesure des
perceptions qu’ont les individus du bien-être. Nous examinons
systématiquement les contrastes et similarités entre les différentes
perceptions du bien-être révélés par cette analyse ainsi que la possibilité
de réduire ces écarts dans le but d’améliorer les pratiques de
développement. Cet article examine également le lien entre une telle
analyse et le rôle de ce que Mignolo appelle ‘la pensée frontalière’ dans
le cadre de la notion de géopolitique de la connaissance.
Downloads:
http://www.palgrave-journals.com/ejdr/journal/v23/n1/pdf/ejdr201045a.pdf
http://www.palgrave-journals.com/ejdr/journal/v23/n1/full/ejdr201045a.html
Discipline: economics
Series-Type: article
repec:pal:eurjdr:v:23:y:2011:i:1:p:94-110
*(10)
Au delà des politiques de mitigation dans les transports : identification des potentiels déséquilibres systémiques et des stratégies favorisant la résilience.
Hector G. Lopez-Ruiz
Abstract: Ce papier développe l"idée de la prise en compte des effets
systémiques des politiques publiques de mitigation dans la planification
des scénarios de transport soutenable à long terme. La prise en compte de
ces effets apparaît comme particulièrement importante afin
d"identifier les potentiels éléments de déséquilibre et de construire
des stratégies d"adaptation aux politiques de mitigation dans
l"objectif d"augmenter l"acceptabilité d"un certain
nombre de mesures dont la réduction des gaz à effet de serre dépend.
Keywords: Modélisation, Facteur 4, Gaz à effet de serre, Couplage, Scénarios, Horizon 2050, mitigation, adaptation, multimodalité, découplage.
Downloads:
http://halshs.archives-ouvertes.fr/docs/00/56/19/93/PDF/HGLR_draft.pdf
Discipline: economics
Series-Type: paper
repec:hal:wpaper:halshs-00561993
*(11)
Dividend and Capital Gains Taxation under Incomplete Markets Abstract. The capital income tax cuts that were part of the Jobs and Growth Tax Relief Reconciliation Act of 2003 are expiring this year and the administration has to decide whether to extend them or not. This paper assesses the effects of these tax cuts in a calibrated dynamic general equilibrium framework with uninsurable labor income risk. In particular, it looks at the effects of dividend and capital gains taxes on investment and welfare in a framework where firms are the owners of capital and make investment decisions to maximize their market value. While the effects of capital gains taxes are qualitatively similar to those found when households own the capital, we find that the effects of dividend taxes are different. Surprisingly, a dividend tax cut leads to a reduction in investment. The reason is that it raises the market valuation of the existing capital stock and households require a lower capital stock to maintain the same level of wealth. As a consequence, dividend tax cuts are welfare reducing in the long run, not only because of the traditional reasons of redistribution from the poor to rich, but also because of a fall in aggregate production and consumption. Taking into account the transition mitigates the losses. Still, with our benchmark calibration, a reduction of dividend and capital gains taxes from 31% and 24% to 19% leads to a reduction of more than 0.5% in aggregate welfare in consumption equivalent terms.
Alexis Anagnostopoulos; Eva Carceles-Poveda
JEL Codes: E23, E44, D52
Keywords: Incomplete Markets, Tax Reform, Dividend Taxes, Capital Gains Taxes.
Downloads:
http://www.sunysb.edu/economics/research/papers/2010/dividendtax.pdf
Discipline: economics
Series-Type: paper
repec:nys:sunysb:10-06
*(12)
Productivity distribution, firm heterogeneity, and agglomeration: Evidence from firm-level data
Toshihiro Okubo; Eiichi Tomiura
Abstract: This paper empirically examines how productivity distributions of
firms vary across regions based on Japan"s manufacturing census data.
We find that firm productivity is distributed with wide dispersions,
especially in core regions. Our firm-level estimates demonstrate that the
productivity distribution of firms tends to be noticeably left-skewed,
deviating from the normal distribution, especially in regions with weak
market potential but also in agglomerated or urbanized regions. These
findings suggest that agglomeration economies are likely to accommodate
heterogeneous firms that co-exist in the same region.
JEL Codes: L11; R12
Keywords: agglomeration; productivity; gamma distribution; heterogeneity; firm-level data
Downloads:
http://www.rieb.kobe-u.ac.jp/academic/ra/dp/English/dp2011-06.pdf
Discipline: economics
Series-Type: paper
repec:kob:dpaper:dp2011-06
*(13)
The Social Dimensions of Idea Work in Haute Cuisine: A Bourdieusian Perspective
Marie-Léandre Gomez; Isabelle Bouty
Abstract: Nous proposons de définir la production d"idées comme une
pratique, c"est-à-dire comme une activité qui prend son sens et sa
valeur dans un contexte social, pour analyser le travail créatif dans les
cuisines de trois grands restaurants.
Keywords: Créativité ; Gastronomie ; Idées ; Pratique
Downloads:
http://hal-essec.archives-ouvertes.fr/docs/00/55/35/15/PDF/09010_Gomez.pdf
Discipline: economics
Series-Type: paper
repec:hal:journl:hal-00553515
*(14)
Monetary Policy Strategy: Lessons from the Crisis
Frederic S. Mishkin
Abstract: This paper examines what we have learned and how we should change
our thinking about monetary policy strategy in the aftermath of the
2007-2009 financial crisis. It starts with a discussion of where the
science of monetary policy was before the crisis and how central banks
viewed monetary policy strategy. It will then examine how the crisis has
changed the thinking of both macro/monetary economists and central bankers.
Finally, it looks how much of the science of monetary policy needs to be
altered and draws implications for monetary policy strategy.
JEL Codes: E44; E52; E58; G01
Downloads:
http://www.nber.org/papers/w16755.pdf
Discipline: economics
Series-Type: paper
repec:nbr:nberwo:16755
*(15)
Mortality Amenable to Health Care in 31 OECD Countries: Estimates and Methodological Issues
Juan G. Gay; Valérie Paris; Marion Devaux; Michael de Looper
Abstract: This study assesses the potential of the concept of “mortality
amenable to health care” as an indicator of outcome for health care
systems. It presents estimates of the mortality amenable to health care in
31 OECD countries for the period 1997-2007. It measures the sensitivity of
this indicator to the list of death causes considered to be “amenable to
care” by comparing results obtained from two leading lists. It then
presents the advantages of this indicator over indicators of general
mortality, as well as its limitations.<BR>Cette étude évalue dans
quelle mesure l’indicateur de « mortalité évitable grâce au système de
soins » peut être utilisé comme indicateur de résultat du système de soins.
Elle présente des estimations de cette mortalité évitable par les soins
pour 31 pays de l’OECD et pour la période 1997-2007. Elle mesure la
sensibilité de l’indicateur à la liste de causes de décès considérées comme
évitables par les soins en comparant les résultats obtenus à partir de deux
listes alternatives. Puis, elle présente les avantages de cet indicateur
sur les indicateurs de mortalité générale, ainsi que ses limites.
JEL Codes: I10; I12
Downloads:
http://dx.doi.org/10.1787/5kgj35f9f8s2-en
Discipline: economics
Series-Type: paper
repec:oec:elsaad:55-en
*(16)
Instrumentos regulatorios para fomentar la profundizacion del mercado de deuda privada en Colombia
Carlos Aldana; Felipe Aristizabal; Claudia Echavarría
Abstract: El objetivo del presente documento es presentar, desde el punto
de vista normativo, algunas propuestas para incentivar la emisión de nuevos
títulos en los mercados de deuda, tanto en lo que respecta a la oferta
(emisores) como a la demanda (inversionistas) de ellos. Las sugerencias
formuladas han sido agrupadas en cuatro secciones que incluyen propuestas
en relación con los siguientes temas: a) el mayor desarrollo del Segundo
Mercado, b) los obstáculos regulatorios para la participación en el mercado
local por parte de emisores extranjeros, c) las normas de transparencia y
homogenización y d) la creación de nuevos vehículos de inversión en renta
fija.
Downloads:
http://www.amvcolombia.org.co/attachments/data/revistaanalisised1.pdf
Discipline: economics
Series-Type: article
repec:col:000417:007900
*(17)
Cohésion sociale et Variables exogènes
BORSENBERGER Monique; DICKES Paul; FLEURY Charles
Abstract: Ce document de travail, explore les relations entre les variables
sociodémographiques et les indicateurs composites de cohésion sociale
développés dans le cadre du projet VALCOS. Nous cherchons à savoir dans
quelle mesure la cohésion sociale dépend des variables sociodémographiques
exogènes que sont lâge, le genre, le fait davoir ou non des enfants, la
composition du ménage, la nationalité, la religion, le niveau détudes, le
statut socio-économique et le statut dactivité (et demploi). Les méthodes
utilisées sont les analyses bivariées, multivariées et lanalyse des
correspondances multiples. Nos résultats montrent que les différences entre
les indicateurs composites de cohésion sociale de 1999 et 2008 sont
minimes, dès lors quon les confronte à linfluence des variables exogènes.
Seuls les scores relatifs à la confiance institutionnelle et aux relations
sociales ont augmenté légèrement de 1999 à 2008. Les attitudes sont
principalement dépendantes de lâge, alors que les comportements sont
expliqués par le statut social, mais aussi par lâge, le genre, la
nationalité et le statut professionnel.
JEL Codes: C43; D10; Z13
Keywords: cohésion sociale; variables sociodémographiques
Downloads:
http://www.ceps.lu/pdf/3/art1618.pdf
Discipline: economics
Series-Type: paper
repec:irs:cepswp:2011-10
*(18)
Is It Whom You Know or What You Know? An Empirical Assessment of the Lobbying Process
Marianne Bertrand; Matilde Bombardini; Francesco Trebbi
Abstract: What do lobbyists do? Some believe that lobbyists’ main role is
to provide issue-specific information and expertise to congressmen to help
guide the law-making process. Others believe that lobbyists mainly provide
the firms and other special interests they represent with access to
politicians in their “circle of influence” and that this access is the
be-all and end-all of how lobbyists affect the lawmaking process. This
paper combines a descriptive analysis with more targeted testing to get
inside the black box of the lobbying process and inform our understanding
of the relative importance of these two views of lobbying. We exploit
multiple sources of data covering the period 1999 to 2008, including:
federal lobbying registration from the Senate Office of Public Records,
Federal Election Commission reports, committee and subcommittee assignments
for the 106th to 110th Congresses, and background information on individual
lobbyists. A pure issue expertise view of lobbying does not fit the data
well. Instead, maintaining connections to politicians appears central to
what lobbyists do. In particular, we find that whom lobbyists are connected
to (through political campaign donations) directly affects what they work
on. More importantly, lobbyists appear to systematically switch issues as
the politicians they were previously connected to switch committee
assignments, hence following people they know rather than sticking to
issues. We also find evidence that lobbyists that have issue expertise earn
a premium, but we uncover that such a premium for lobbyists that have
connections to many politicians and Members of Congress is considerably
larger.
JEL Codes: D72; H7; P48
Downloads:
http://www.nber.org/papers/w16765.pdf
Discipline: economics
Series-Type: paper
repec:nbr:nberwo:16765
*(19)
Globalizing Citizens: New Dynamics of Inclusion and Exclusion. Claiming Citizenship: Rights, Participation and Accountability Series
Jephias Mapuva
Downloads:
http://www.palgrave-journals.com/ejdr/journal/v23/n1/pdf/ejdr201065a.pdf
http://www.palgrave-journals.com/ejdr/journal/v23/n1/full/ejdr201065a.html
Discipline: economics
Series-Type: article
repec:pal:eurjdr:v:23:y:2011:i:1:p:179-180
*(20)
The Role of Passionate Individuals in Economic Development
Zakharenko, Roman
Abstract: In this paper, I merge two theories -- theory of "passionate
individuals" by Gumilev(1989) and Memetics by Dawkins(1976) - to develop a
formal growth theory that states that societies become more developed when
their members have more intrinsic motivation to solve problems of social
importance (i.e. make "cultural contributions"). Individuals derive utility
from genetic fitness (i.e. the number of surviving children) as well as
from cultural fitness, defined as the amount of appreciation ("honor") of
one"s cultural contribution by future generations. To make a cultural
contribution, one must study/honor cultural contributions of the past,
which leads to multiple steady states. In the survival steady state,
individuals expect that no one in the future will be interested in their
cultural contribution, which makes them allocate all energy onto
maximization of genetic fitness and care little about cultural
contributions of the past. In the passionate steady state, individuals
expect high appreciation of their cultural contribution and thus spend a
lot of energy onto making such a contribution, which makes them highly
appreciate cultural contributions of the past. Empirical implications of
theory are also discussed.
JEL Codes: O11; O49; Z13;
Keywords: passionate individuals; human values; poverty traps; memetics; economic growth
Downloads:
http://mpra.ub.uni-muenchen.de/28552/
Discipline: economics
Series-Type: paper
repec:pra:mprapa:28552
*(21)
The Cross-Section of Hurdle Rates for Capital Budgeting: An Empirical Analysis of Survey Data
Ravi Jagannathan; Iwan Meier; Vefa Tarhan
Abstract: Whereas Poterba and Summers (1995) find that firms use hurdle
rates that are unrelated to their CAPM betas, Graham and Harvey (2001) find
that 74% of their survey firms use the CAPM for capital budgeting. We
provide an explanation for these two apparently contradictory conclusions.
We find that firms behave as though they add a hurdle premium to their CAPM
based cost of capital. Following McDonald and Siegel (1986), we argue that
the hurdle premium depends on the value of the option to defer investments.
While CAPM explains only 10% of the cross-sectional variation in hurdle
rates across firms, variables that proxy for the benefits from the option
to wait for potentially better investment opportunities explain 35%.
Estimates of our hurdle premium model parameters imply an equity premium of
3.8% per year, a figure that is essentially the same as that reported in
the survey by Graham and Harvey (2005). Consistent with our model, growth
firms use a higher hurdle rate when compared to value firms, even though
they have a lower cost of capital.
JEL Codes: G12; G3; G31
Downloads:
http://www.nber.org/papers/w16770.pdf
Discipline: economics
Series-Type: paper
repec:nbr:nberwo:16770
*(22)
The valuation of IPOs in the European legal framework
Michele Meoli; Stefano Paleari; Silvio Vismara
Abstract: We question whether an evolution in the national legal system
leads to higher valuations for companies going public. We investigate this
issue with reference to the population of firms going public on the main
and second stock markets in the three largest economies of Continental
Europe over the last fifteen years (1995-2009). We use a new dynamic
measure of the evolution of the legal framework, defined as the compliance
record of the Member States of the European Union. Controlling for the
nature of the firm as well as for the identity of the ultimate shareholder,
we find that an increase in the annual number of infringements is related
to a decrease in the valuation of the firms going public. Therefore, we
conclude that a higher evolution of the legal system leads to higher
valuations of firms.
Downloads:
http://dspace-unibg.cilea.it/bitstream/10446/579/1/WPIngGe01(2010).pdf
Discipline: economics
Series-Type: paper
repec:brh:wpaper:1001
*(23)
Теоретические аспекты прогнозирования роста конкурентоспособности предприятий добывающих и обрабатывающих отраслей российской промышленности
Большаков А.В.; Цветков В.А.; Одесс В.И.; Прокопьев М.Г.; Мусаев Э.Т.; Кулагина О.И.; Литвинов В.И.; Янкаускас К.С.
Abstract: Исследованы факторы повышения конкурентоспособности отраслей
российской промышленности в период мирового финансово-экономического
кризиса. Сущность работы заключалась в определении внутренних и внешних
факторов, способствующих росту конкурентоспособности промышленных
предприятий в российской экономике. Новизна подхода связана с тем, что
акцент был сделан на синергетическом эффекте, который может быть достигнут
в случае одновременного воздействия на ряд ключевых отраслей. Значимость
исследования обусловлена необходимостью выявления точек роста,
стимулирующее воздействие на которые вызовет масштабный положительный
эффект. Предложены меры стимулирования инвестиционного процесса в
российской промышленности, которые могут способствовать наращиванию
конкурентных преимуществ отечественных предприятий. Дана интерпретация
краткосрочного прогноза динамики основных макроэкономических показателей
развития российской экономики.
JEL Codes: lo, n5
Keywords: промышленная политика, конкурентоспособность, макроэкономическое прогнозирование, инвестиции, корпоративные структуры, промышленные предприятия, антикризисные меры
Downloads:
http://www.cemi.rssi.ru/mei/reports/r10-0356.htm
Discipline: экономика
Series-Type: paper
repec:rus:meirep:r10-356
*(24)
Gender, Time Use, and Labor Income in Guinea: Micro and Macro Analyses
Parra Osorio, Juan Carlos; Wodon, Quentin
Abstract: Higher incomes for women can have significant beneficial impacts
for poverty reduction both in the short run by providing more resources to
households and in the long run by increasing investments in the human
capital of children. Substantial research has been done using microeconomic
household survey data on gender disparities in labor incomes in developing
countries in recent years. The first contribution of this paper is to
summarize some of that research as applied to Guinea. However,
microeconomic studies may not necessarily provide insights on how broad
structural shifts in an economy could affect differently opportunities for
work and income generation for men and women. In the second part of the
paper, we use a recent Social Accounting Matrix (SAM) for Guinea to assess
how growth in various sectors of the economy could affect the incomes of
women and men both directly and indirectly through multiplier effects. We
find that an expansion of sectors oriented primarily towards domestic
consumption could have a larger positive impact on the labor income share
of women than an expansion of export-oriented sectors.
JEL Codes: J31; D57; J22;
Keywords: Gender; Labor income; Social Accounting Matrix; Guinea
Downloads:
http://mpra.ub.uni-muenchen.de/28465/
Discipline: economics
Series-Type: paper
repec:pra:mprapa:28465
*(25)
Tax Policy and Employment: How Does the Swedish System Fare?
Pirttälä, Jukka; Selin, Håkan
Abstract: This paper reviews the literature on optimal taxation of labour
income and the empirical work on labour supply and the elasticity of
taxable income in Sweden. It also presents an overview of Swedish taxation
of labour income, offers calculations on the development in effective
marginal tax rates and participation tax rates, and estimates, using the
difference-in-differences method, the impact of tax incentives on
employment rates of elderly workers. After this background, we ponder
possibilities for reforming the Swedish tax system to improve its labour
market impacts. We suggest better targeting the earned income tax credit at
families and low-income workers, lowering the top marginal tax rates, and
maintaining the tax incentives for older workers.
JEL Codes: H21; H24; J22
Keywords: Optimal taxation; labour income taxation; labour supply; taxable income; Swedish tax system.
Downloads:
http://www.nek.uu.se/Pdf/wp20112ucfs.pdf
Discipline: economics
Series-Type: paper
repec:hhs:uufswp:2011_002
*(26)
Construction of linkage indicators of greenhouse gas emissions for Aquitaine region
Jean-Christophe MARTIN (GREThA, CNRS, UMR 5113); Patrick POINT (GREThA, CNRS, UMR 5113)
Abstract: This paper proposes to construct linkage indicators of greenhouse
gas (GHG) emissions for the Aquitaine region of France by using the notion
of vertical integration with a presentation of results in the form of
block. Because of poor regional accounting in France, we had to construct
an input-output table for the Aquitaine region with a GHG emissions
inventory associated. Method of construction of input-output table will
affect both reliability and richness of results.
JEL Codes: C67, R15, E2, Q4, Q54
Keywords: regionalized input-output table, quotients of localization, greenhouse gas emissions, linkage indicators
Downloads:
http://cahiersdugretha.u-bordeaux4.fr/2011/2011-05.pdf
Discipline: economics
Series-Type: paper
repec:grt:wpegrt:2011-05
*(27)
Saints Marching In, 1590-2009
Robert J. Barro; Rachel M. McCleary
Abstract: The Catholic Church has been making saints for centuries,
typically in a two-stage process featuring beatification and canonization.
We analyze determinants of rates of beatification and canonization (for
non-martyrs) over time and across six world regions. The research uses a
recently assembled data set on numbers and characteristics of beatifieds
and saints chosen since 1590. We classify these blessed persons regionally
in accordance with residence at death. These data are combined with
time-series estimates of regional populations of Catholics, broadly-defined
Protestants, Orthodox, and Evangelicals (mostly a sub-set of Protestants).
Regression estimates indicate that the canonization rate depends strongly
on the number of candidates, gauged by a region’s stock of beatifieds who
have not yet been canonized. The beatification rate depends positively on
the region’s stock of persons previously canonized. The last two popes,
John Paul II and Benedict XVI (the only non-Italians in our sample), are
outliers, choosing blessed persons at a much higher rate than that of their
predecessors. Since around 1900, the naming of blessed persons seems to
reflect a response by the Catholic Church to competition from Protestantism
or Evangelicalism. We find no evidence, at least since 1590, of competition
between the Catholic and Orthodox Churches.
JEL Codes: N10; Z1; Z12
Downloads:
http://www.nber.org/papers/w16769.pdf
Discipline: economics
Series-Type: paper
repec:nbr:nberwo:16769
*(28)
La Argentina y el abandono del patrón oro
Elías Salama
Downloads:
http://www.depeco.econo.unlp.edu.ar/doctrab/doc28.pdf
Discipline: economics
Series-Type: paper
repec:lap:wpaper:028
*(29)
Relative Efficiency of a Quantile Method for Estimating Parameters in Censored Two-Parameter Weibull Distributions
Jonsson, Robert
Abstract: n simulation studies the computer time can be much reduced by
using censoring. Here a simple method based on quantiles (Q method) is
compared with the Maximum Likelihood (ML) method when estimating the
parameters in censored two-parameter Weibull distributions. The ML
estimates being obtained using the SAS procedure NLMIXED. It is
demonstrated that the estimators obtained by the Q method are less
efficient than the ML estimators, but this can be compensated for by
increasing the sample size whi... morech nevertheless requires much less
computer time than the ML method. The ML estimates can only be obtained by
an iterative process and this opens the possibility for failures in the
sense that reasonable estimates are presented as unreliable, or anomalous
estimates are presented as reliable. Such anomalies were never obtained
with the Q method.
JEL Codes: C10
Keywords: Relative Efficiency; Quantile Method; Censored Two-Parameter Weibull Distributions
Downloads:
http://gupea.ub.gu.se/handle/2077/24351
Discipline: economics
Series-Type: paper
repec:hhs:gunsru:2010_003
(30)
Инновации в управлении региональным и отраслевым развитием : сб. науч. тр.
Тюмень : ТюмГНГУ
Abstract: В сборник вошли материалы Всероссийской (с международным
участием) научно-практической конференции "Инновации в управлении
региональным развитием" (Тюмень, 15-16 октября 2010 года). Представлены
результаты научных исследований по актуальным проблемам развития
топливно-энергетического комплекса и его инфраструктуры, инновациям в
управлении социально-экономического развития, регионов и предприятий.
Издание может быть интересно широкому кругу специалистов отраслевых
предприятий, научным работникам, представителям органов власти, а также
студентам, аспирантам и молодым ученым.
Discipline: экономика
Series-Type: book
repec:rus:ieieli:b1368
*(31)
The Dynamics of Competition: Phasing of Domestic and External Liberalisation in India
Arvind Virmani
Abstract: The focus of the analysis is on the post-colonial period after
India attained independence in 1947. This paper covers the period from
1950-51 onwards for which consistent data series are available. This means
that growth rates are available from 1951-52 onwards. The primary purpose
of the paper is to examine the link between policy regimes, reforms and
economic growth in India. The data and analysis of earlier papers are drawn
to provide the growth side of the link. Consistent series of data on
consumption distribution are available only from the seventies, so the more
detailed analysis of these issues has to be limited to the second half of
the post-independence period. [Working Paper No. 4/2006-PC]. URL:
[http://planningcommission.nic.in/reports/wrkpapers/wp_dc_pdel.pdf].
Keywords: policy regimes, economic growth, India, consumption, post-independence,
Downloads:
http://www.eSocialSciences.com/data/articles/Document1322011360.6714899.pdf
Discipline: economics
Series-Type: paper
repec:ess:wpaper:id:3556
*(32)
Total Factor Productivity in Indian Agriculture: Some Conceptual and Methodological Issues
Saikia, Dilip
Abstract: The productivity growth in agriculture is both a necessary and
sufficient condition for the development of the sector as well as the
economy. This paper has reviewed the different methodologies of measuring
the total factor productivity (TFP) and focused on some of the important
issues such as the issues related to index numbers, price indexes,
inflation, factor shares, value added vs. gross value of output, etc.
related to measurement of TFP in agriculture. It also focuses on the
determinants of TFP growth in agriculture and the trends in TFP growth in
Indian agriculture.
JEL Codes: D24; Q10;
Keywords: Total Factor Productivity; Agriculture; India
Downloads:
http://mpra.ub.uni-muenchen.de/28578/
Discipline: economics
Series-Type: paper
repec:pra:mprapa:28578
*(33)
Competitive Equilibria with Production and Limited Commitment
Arpad Abraham; Eva Carceles-Poveda
Abstract: This paper studies a production economy with aggregate
uncertainty where consumers have limited commitment on their financial
liabilities. Markets are endogenously incomplete due to the fact that the
borrowing constraints are determined endogenously. We first show that, if
competitive financial intermediaries are allowed to set the borrowing
limits, then the ones that prevent default will be an equilibrium outcome.
The equilibrium allocations in this economy are not constrained efficient
due to the fact that intermediaries do not internalize the adverse effects
of capital on default incentives. We also isolate and quantifiy this new
source of inefficiency by comparing the competitive equilibrium allocations
to the constrained efficient ones both qualitatively and quantitatively. We
tend to observe higher capital accumulation in the competitive equilibrium,
implying that agents may enjoy higher (average) welfare in the long run
than in the constrained efficient allocation.
JEL Codes: D52, E23
Keywords: Enforcement Constraints, Intermediation, Risk Sharing, Capital Accumulation.
Downloads:
http://www.stonybrook.edu/economics/research/papers/2010/risksharing.pdf
Discipline: economics
Series-Type: paper
repec:nys:sunysb:10-04
*(34)
Volatility made observable at last
Michel Fliess; C\"edric Join; Fr\"ed\"eric Hatt
Abstract: The Cartier-Perrin theorem, which was published in 1995 and is
expressed in the language of nonstandard analysis, permits, for the first
time perhaps, a clear-cut mathematical definition of the volatility of a
financial asset. It yields as a byproduct a new understanding of the means
of returns, of the beta coefficient, and of the Sharpe and Treynor ratios.
New estimation techniques from automatic control and signal processing,
which were already successfully applied in quantitative finance, lead to
several computer experiments with some quite convincing forecasts.
Downloads:
http://arxiv.org/abs/1102.0683
http://arxiv.org/pdf/1102.0683
Discipline: economics
Series-Type: paper
repec:arx:papers:1102.0683
*(35)
Engaging Parents, Youth and Schools in Developing Academic Success
Irma Mesiridze
Abstract: Recently the role of parents in education has changed
dramatically and become overwhelmingly complex and confusing in modern,
democratic societies (Davies, 1988). But the state has also a stake in
children"s education - requiring that all pupils attend school, take
certain courses and programs, and, in many countries, attain certain
prescribed levels of achievement. Parents are no longer willing to stand by
and let the school bureaucrats make all the decisions. Parents have become
crucial to school reform, as key decision-makers. Parents want their child
to succeed. Any kind of involvement in a child"s education gives a
parent a feeling of great satisfaction and reassures the child that the
parents care about his or her education. The paper summarizes the factors
associated with the necessity and importance of parent involvement in
education which has become a major educational issue since the 1980s;
briefly traces the history of parental involvement in education and
underlines the key issues of parents" participation in their
offspring"s education. The paper examines the role and function of
parents as consumers and participants, highlights the factors that solve
the dilemmas affecting the roles of parents in educational reforms.
JEL Codes: I20
Keywords: Parents as "Consumers", Parents as "Decision–makers", Parents as Choice-makers", Parent empowerment, Parent governance, Parent networking
Downloads:
http://journal.ibsu.edu.ge/index.php/ibsusj/article/download/148/88
Discipline: economics
Series-Type: article
repec:ibl:journl:v:3:y:2009:i:2:p:131-136
*(36)
Hot Stuff: Would Climate Change Alter Transboundary Water Sharing Treaties?
Ambec, Stefan; Dinar, Ariel
Abstract: By signing an international river sharing agreement (RSA),
countries voluntary commit to release water in exchange for a compensation.
We examine the robustness of such commitments to reduced water ows. We
focus on RSAs that satisfy core lower bounds and fairness upper bounds. We
characterize the constrained upstream incremental RSA as the core and fair
RSA that is sustainable during the most severe droughts. It assigns to each
country its marginal contribution to its followers, up to its maximal benet
from water extraction. It lexicographically maximizes the welfare of the
most upstream countries in the set of core and fair RSAs. Its mirror image,
the downstream incremental RSA, is not sustainable to drought at the river
source.
JEL Codes: D74, Q23, Q28, Q54
Keywords: international river agreement, water, stability, core, fairness, global warming
Downloads:
http://idei.fr/doc/wp/2010/wp_idei_656.pdf
Discipline: economics
Series-Type: paper
repec:ide:wpaper:23886
*(37)
How Time Preferences Differ: Evidence from 45 Countries
Mei WANG; Marc Oliver RIEGER; Thorsten HENS
Abstract: We present results from the first large-scale international
survey on time discounting, conducted in 45 countries. Cross-country varia-
tion cannot simply be explained by economic variables such as interest or
inflation rates. In particular, we find strong evidence for cultural
differences, as measured by the Hofstede cultural dimensions. For example,
large levels of Uncertainty Avoidance are associated with strong hyperbolic
discounting. We also find relations between time preferences and risk
preferences, like loss aversion. For instance, sub- jects with high loss
aversion tend to show larger time discounting. Moreover, our analysis shows
an impact of time preferences on the capability of technological
innovations in a country and on environ- mental protection.
JEL Codes: D90, F40
Keywords: Intertemporal decision; Endogenous preference; Cross-cultural.
Downloads:
http://ssrn.com/abstract=1481443
Discipline: economics
Series-Type: paper
repec:chf:rpseri:rp0947
(38)
Financial Markets Equilibrium with Heterogeneous Agents
Jaksa CVITANIC; Elyès JOUINI; Semyon MALAMUD; Clotilde NAPP
Abstract: This paper presents an equilibrium model in a pure exchange econ-
omy when investors have three possible sources of heterogeneity. In-
vestors may differ in their beliefs, in their level of risk aversion and in
their time preference rate. We study the impact of investors hetero-
geneity on the properties of the equilibrium. In particular, we analyze the
consumption shares, the market price of risk, the risk free rate, the bond
prices at different maturities, the stock price and volatil- ity as well as
the stock"s cumulative returns, and optimal portfolio strategies. We
relate the heterogeneous economy with the family of associated homogeneous
economies with only one class of investors. We consider cross sectional as
well as asymptotic properties.
JEL Codes: D53, G11, G12
Keywords: equilibrium, heterogeneous agents, volatility, optimal portfolios, survival, yield curve, long yield
Discipline: economics
Series-Type: paper
repec:chf:rpseri:rp0945
(39)
Инновационный бизнес региона: актуальные проблемы развития : материалы междунар. научно-практ. конф. в рамках междунар. экон. форума «Человеческий капитал – ключевой ресурс модернизации российской экономики»
Омск
Discipline: экономика
Series-Type: book
repec:rus:ieieli:b1371
*(40)
EDUCATION AND LABOUR MARKET OUTCOMES: EVIDENCE FROM BRAZIL
Geraint Johnes; Aradhna Aggarwal; Ricardo Freguglia; Gisele Spricigo
Abstract: The effect of education on labour market outcomes is analysed
using both survey and administrative data from The Brazilian PNAD and
RAIS-MIGRA series, respectively. Occupational destination is examined using
both multinomial logit analyses and structural dynamic discrete choice
modelling. The latter approach is particularly useful as a means of
evaluating policy impacts over time. We find that policy to expand
educational provision leads initially to an increased take-up of education,
and in the longer term leads to an increased propensity for workers to
enter non-manual employment.
Keywords: occupation, education, development
Downloads:
http://www.lums.lancs.ac.uk/publications/viewpdf/007203/
Discipline: economics
Series-Type: paper
repec:lan:wpaper:007203
*(41)
Qué es la ética económica
Georges Enderle
Downloads:
http://revistas.pucp.edu.pe/economia/sites/revistas.pucp.edu.pe.economia/files/images/31-4-Enderle.pdf
Discipline: economics
Series-Type: article
repec:pcp:pucrev:y:1993:i:31:p:91-111
*(42)
Volatility made observable at last
Michel Fliess; Cédric Join; Frédéric Hatt
Abstract: The Cartier-Perrin theorem, which was published in 1995 and is
expressed in the language of nonstandard analysis, permits, for the first
time perhaps, a clear-cut mathematical definition of the volatility of a
financial asset. It yields as a byproduct a new understanding of the means
of returns, of the beta coefficient, and of the Sharpe and Treynor ratios.
New estimation techniques from automatic control and signal processing,
which were already successfully applied in quantitative finance, lead to
several computer experiments with some quite convincing forecasts.
Keywords: Time series; quantitative finance; trends; returns; volatility; beta coefficient; Sharpe ratio; Treynor ratio; forecasts; estimation techniques; numerical differentiation; nonstandard analysis
Downloads:
http://hal-polytechnique.archives-ouvertes.fr/docs/00/56/24/88/PDF/Volatility-JIME2011.pdf
Discipline: economics
Series-Type: paper
repec:hal:journl:hal-00562488
*(43)
Local Governments Tax Autonomy, Lobbying, and Welfare
Sandro Brusco; Luca Colombo; Umberto Galmarini
Abstract: What degree of tax autonomy should be granted to a regional
government on a local tax base? Although the regional policy maker aims at
maximizing social welfare, her tax policy may be distorted by the lobbying
activity of local taxpayers. In this political environment we characterize
the conditions under which social welfare can be increased by restricting
the set of tax instruments available to the local policy maker, i.e. the
degree of local tax autonomy. We show that full tax autonomy is likely to
be dominated by minimal tax autonomy when there are many groups of similar
size, while the converse occurs when tax bases are asymmetrically
distributed.
JEL Codes: D70, H71, H77.
Keywords: Tax autonomy, lobbying, local public good provision
Downloads:
http://www.sunysb.edu/economics/research/papers/2010/BruscoColomboGalmarini.pdf
Discipline: economics
Series-Type: paper
repec:nys:sunysb:10-01
*(44)
Оценка роли муниципальных образований в природоохранной деятельности (Промежуточный отчет).
Гусев А.А.; Рюмина Е.В.; Коробова Н.Л.; Манжос Е.Г.; Кашенкова О.В.
Abstract: <p>В имеющейся литературе по экономике природопользования
обычно либо рассматривается только природоохранная деятельность, либо
исследуется негативное влияние экономики на природную среду в физических
измерителях. И в том, и в другом случае ущерб не учитывается, поэтому
природоохранная деятельность предстает лишь как нагрузка на экономику,
эффективность природоохранной деятельности не предполагается. В связи с
этим актуальна задача оценки ущерба от экологических нарушений на
муниципальном уровне, т.к. состояние среды интересно не в целом и не в
среднем, а применительно к конкретным территориям.</p> <p>В
работе проведен анализ методик оценки социально-экономического развития
муниципальных образований с целью выявления полноты учета в них
экологического фактора. Рассмотрена роль местных бюджетов в природоохранной
деятельности и определены статьи расходов муниципального бюджета, в которые
включены составляющие экономического ущерба от экологических нарушений.
Получена оценка экологических издержек в составе муниципального бюджета в
размере 5,8 % от его объема. </p>
JEL Codes: q0, q2
Keywords: экономика природопользования, природоохранная деятельность, ущерб от экологических нарушений, природоохранные затраты, экономическая эффективность природоохранной деятельности, муниципальный бюджет, муниципальное управление
Downloads:
http://www.cemi.rssi.ru/mei/reports/r10-0354.htm
Discipline: экономика
Series-Type: paper
repec:rus:meirep:r10-354
*(45)
Simple conservative confidence intervals for comparing matched proportions
Jonsson, Robert
Abstract: Unconditional confidence intervals (CIs) for the difference
between marginal proportions in matched pairs data have essentially been
based on improvements of Walds large-sample statistic. The latter are
approximate and non-conservative. In some situations it may be of
importance that CIs are conservative, e.g. when claiming bio-equivalence in
small samples. Existing methods for constructing conservative CIs are
computer intensive and are not suitable for sample size determination in
planned stu... moredies. This paper presents a new simple method by which
conservative CIs are readily computed. The method gives CIs that are
comparable with earlier conservative methods concerning coverage
probabilities and lengths. However, the new method can only be used if the
proportions in the discordant cells p and q satisfies , but this is luckily
the case in most applications and several examples are given. The new
method is compared with previously suggested approximate and exact methods
in large-scale simulations.
JEL Codes: C10
Keywords: Binomial variables; Conservative limits; Pivotal statistic
Downloads:
http://gupea.ub.gu.se/handle/2077/24353
Discipline: economics
Series-Type: paper
repec:hhs:gunsru:2011_001
*(46)
De-Hubbing cases and recovery patterns
Renato Redondi; Paolo Malighetti; Stefano Paleari
Abstract: The objective of this work is to analyze the cases of de-hubbing
during period 1997-2009 in the world-wide air transport network. To the
best of our knowledge, this is the first attempt to study de-hubbing in a
systematic way. In order to identify those cases, this paper firstly
addresses the issue of which quantitative conditions must be met for
airports to be identified as de-hubbing cases. These conditions include the
declining presence of the hub carrier, or hub alliance, within the airport,
that results in a decrease in the number and quality of connections
offered. The second phase is to study what happens after de-hubbing by
clustering the cases into homogenous scenarios. Our results show that, on
average, airports that suffered de-hubbing did not recover their original
traffic in 5 years. Results suggest that de-hubbing is not likely to be
reversible. When hub carriers are replaced at least partially by low-cost
carriers, the airports on average show faster recovery trends. The most
frequent case is when, after de-hubbing, the airports traffic declines. The
impact of de-hubbing on the number of destinations is less severe than its
effect on offered seats.
Keywords: de-hubbing, recovery scenarios, airport network
Downloads:
http://dspace-unibg.cilea.it/bitstream/10446/737/1/WPIngGe08(2010).pdf
Discipline: economics
Series-Type: paper
repec:brh:wpaper:1008
*(47)
Thomas Kuhn: el paso de la racionalidad algorítmica a la racionalidad hermenéutica
Gabriel J. Zanotti
Abstract: En el presente ensayo se intenta presentar una visión diferente
de T. Kuhn, habitualmente ligada a posiciones relativistas en filosofía de
la ciencia. Después de reseñar sus tesis habituales (paradigma,
inconmensurabilidad, puzzle solving) se intenta demostrar que sus críticas
a la racionalidad eran hacia la sola racionalidad algorítmica, y que su
inconmensurabilidad se trataba en realidad de resaltar que no hay hechos
neutros de teoría entre un paradigma y otro. Todo esto, en diálogo con la
hermenéutica continental, especialmente con Gadamer. Se intenta luego una
reelaboración de la noción de verdad a la luz de la fenomenología de
Husserl y el realismo popperiano. Luego se sistematizan las consecuencias
de todo esto para las ciencias naturales y sociales y por último se señalan
las consecuencias para la Escuela Austríaca de Economía.
Downloads:
http://www.ucema.edu.ar/publicaciones/download/documentos/441.pdf
Discipline: economics
Series-Type: paper
repec:cem:doctra:441
*(48)
Desk rejection in an academic publication market model with matching frictions
Radu Vranceanu; Damien Besancenot; Kim Huynh
Abstract: De plus en plus souvent les éditeurs de revues académiques
procèdent à une vérification préalable des articles soumis et rejettent
d"office ceux qui ne correspondent pas à la ligne éditoriale de leur
revue. Nous étudions ce phénomène nouveau à l"aide d"un modèle
d"appariement, inspiré des travaux en économie du travail.
Keywords: Appariement ; Editeurs ; Information imparfaite ; Revues académiques
Downloads:
http://hal-essec.archives-ouvertes.fr/docs/00/55/47/32/PDF/09008_Vranceanu.pdf
Discipline: economics
Series-Type: paper
repec:hal:journl:hal-00554732
*(49)
Investor and Central Bank Uncertainty and Fear Measures Embedded in Index Options
Alexander David; Pietro Veronesi
Abstract: Investors" option-implied fear measures – implied volatility
(ATMIV) and put-call implied volatility ratios (P/C) – lead key
macroeconomic variables such as industrial capacity utilization and short
term interest rates by up to eight quarters. We show that this interaction
between fear indices, real activity, and policy variables arises in an
equilibrium model where investors learn about the trend-growth regimes of
economic data, and the central bank uses a learning-based Taylor rule. The
model endogenously generates several time series properties of option
prices including the counter (pro) cyclicality of ATMIV (P/C), the V-shape
(inverse V-shape) relation between ATMIV (P/C) and monetary policy
variables, the positive relation between the level and absolute changes in
ATMIV, and an economically significant amount of time variation in the
volatility premium.
JEL Codes: G12; G13; G18
Downloads:
http://www.nber.org/papers/w16764.pdf
Discipline: economics
Series-Type: paper
repec:nbr:nberwo:16764
*(50)
Contrastes de cointegración sobre la paridad del poder de compra: una aplicación a los datos de la economía peruana
Juan Pizarro R.
Downloads:
http://revistas.pucp.edu.pe/economia/sites/revistas.pucp.edu.pe.economia/files/images/29-30-4-Pizarro.pdf
Discipline: economics
Series-Type: article
repec:pcp:pucrev:y:1992:i:29-30:p:131-166
*(51)
The selection effect of two-way trade in the Melitz model: an alternative approach
Jacques Potin
Abstract: This paper studies the influential Melitz model of trade with
heterogeneous firms using an alternative, intuitive approach. Contrary to
what is often argued, it is an increase in product market competition that
drives the bad firms out: with two-way trade, entry by foreign firms is not
compensated by a “sufficient” reduction in the mass of surviving firms. To
illustrate this, we decompose the total effect of trade in two partial
effects: a domesticprofit-reducing effect due to foreign market penetration
by the most productive firms; an average-profitreducing effect due to the
payment of the fixed export costs. We also provide the new prediction that
trade generally leads to (weakly) less entry in the industry. This
clarifies key interpretation issues in a prolific literature.
Keywords: Firm Heterogeneity ; Intra-industry Trade ; Selection
Downloads:
http://hal-essec.archives-ouvertes.fr/docs/00/55/47/24/PDF/09001_Potin.pdf
Discipline: economics
Series-Type: paper
repec:hal:journl:hal-00554724
*(52)
estimación de una superficie de volatilidades para las opciones de tasa de cambio USD/COP
Andrés Gómez
Abstract: En este trabajo se describen algunos de los estándares del
mercado de opciones sobre divisas y se analizan algunos modelos que son
utilizados para la obtención de precios. Particularmente se hace uso del
modelo NGARCH para obtener precios de opciones sobre la tasa de cambio
USD/COP. A partir de estos precios se obtienen volatilidades implícitas por
plazo y delta, lo que genera una superficie de volatilidades teórica para
las opciones sobre la tasa de cambio USD/COP.
Downloads:
http://www.amvcolombia.org.co/attachments/data/revistaanalisised1.pdf
Discipline: economics
Series-Type: article
repec:col:000417:007897
*(53)
Un modèle de programmation stochastique pour l"allocation stratégique d"actifs d"un régime de retraite partiellement provisionné
Alaeddine Faleh
Abstract: Dans cet article, nous présentons des techniques novatrices
d"ALM basées sur la programmation stochastique. Leur application a été
développée pour le choix de l"allocation stratégique d"actifs des
régimes de retraite par répartition partiellement provisionnés. Une
nouvelle méthodologie pour la génération de l"arbre des scénarios a
été également adoptée. Une étude comparative du modèle d"ALM développé
avec celui basé sur la stratégie Fixed-Mix a été effectuée. Différents
tests de sensibilité ont été par ailleurs mis en place pour mesurer
l"impact du changement de certaines variables clés d"entrée sur
les résultats produits par notre modèle d"ALM.
Keywords: gestion actif-passif, allocation stratégique d"actifs, génération de scénarios économiques, programmation stochastique
Downloads:
http://hal.archives-ouvertes.fr/docs/00/56/19/65/PDF/Un_modele_de_programmation_stochastique_pour_la_allocation_strategique_d_actifs_d_un_regime_de_retraite.pdf
Discipline: economics
Series-Type: paper
repec:hal:wpaper:hal-00561965
(54)
Политические рынки и экономическая политика
Афонцев С.А.
Abstract: Настоящая книга предлагает системный взгляд на политические
механизмы выработки экономической политики в современном мире.
Регулирование экономических процессов на национальном, региональном и
глобальном уровне рассматривается как результат рыночного взаимодействия
между группами, предъявляющими спрос на экономическую политику и
осуществляющими ее предложение. На основе данного подхода формулируются
рекомендации по широкому кругу практических вопросов экономической политики
России. Книга предназначена для специалистов, исследующих вопросы
экономического регулирования и занимающихся разработкой рекомендаций по его
совершенствованию, а также для студентов, изучающих экономические
дисциплины, политологию, мировую политику и международные отношения.
Discipline: экономика
Series-Type: book
repec:rus:ieieli:95726
(55)
Российский статистический ежегодник. 2010: cтат. сб. [Электронный ресурс]
М. : Статистика России
Abstract: Диск содержит сведения о социально-экономическом положении
Российской Федерации в 2009 году в сравнении с предыдущими годами, в том
числе (по ряду показателей) в разрезе субъектов Российской Федерации.
Представлены статистические данные по видам экономической деятельности
(ОКВЭД), о финансовом состоянии предприятий и организаций, о внешней
торговле, инвестициях, ценах и тарифах, состоянии науки. Приведены данные о
населении, его занятости и денежных доходах, сведения о социальной сфере,
паритете покупательной способности. Система национальных счетов содержит
показатели, характеризующие макроэкономические аспекты формирования и
функционирования рыночной экономики.
Discipline: экономика
Series-Type: book
repec:rus:ieieli:cd32
*(56)
Internal finance and corporate investment: Belgian evidence with panel data
Barran, Fernando; Peeters, Marga
Abstract: In this paper the corporate investment decision under financial
restrictions is investigated with Belgian firm data from 1984 to 1992. An
investment Euler equation is derived from a dynamic optimization model with
debt ceilings and an elastic credit supply. The model is estimated by GMM
for different firm groups. An important aspect is that the sample is split
according to a firm’s association with coordination centers. These centers
have become the major external funding source of corporate investment in
Belgium since 1986. The estimation results show the dependence of corporate
investment on financial factors, both for non-coordination center as well
as coordination center firms.
JEL Codes: C23; G32; G3; D92;
Keywords: Investment; corporate; financial; financial restrictions; coordination centers; panel; GMM;
Downloads:
http://mpra.ub.uni-muenchen.de/28504/
Discipline: economics
Series-Type: paper
repec:pra:mprapa:28504
*(57)
Store Choice in the Emerging Indian Apparel Retail Market: an Empirical Analysis
Amit Mittal; Ruchi Mittal
Abstract: Store Choice has been a subject of frequent research in the
developed retail markets of the west. However, the retail sector in India
has been largely fragmented and unorganized. However, the retail scenario
in India is changing at a very brisk pace. Many international retailers
entering India and many Indian retailers in the organized segment are
coming up with stores all across the country, but a majority of these
stores have merely transplanted western formats onto the Indian retail
scene without actually evaluating the salience of various store attributes
from the customer perspective. In light of this the purpose of this paper
is to study the store choice criteria in the context of apparel retailing
in India. Drawing from major global and Indian studies conducted in the
past, this research has identified two dimensions, which in different
combinations could create sustainable store choice and hence, store
loyalty. These two dimensions are termed “loyalty drivers” and experience
enhancers”.
JEL Codes: M31
Keywords: Consumer Behaviour
Downloads:
http://journal.ibsu.edu.ge/index.php/ibsusj/article/download/57/46
Discipline: economics
Series-Type: article
repec:ibl:journl:v:2:y:2008:i:2:p:21-46
*(58)
Deficit Fundamentalism vs Fiscal Federalism: Implications of 13th Finance Commission"s Recommendations
Chakraborty, Pinaki
Abstract: The Thirteenth Finance Commission"s recommendation to
increase the vertical share of tax devolution to states will help, but its
horizontal distribution formula leaves much to be desired. One, its design
is such that two of the four key indicators are in conflict with each
other. Two, the Commission"s revised road map for fiscal consolidation
at the centre and the states, which recommends state-specific, year-wise,
fiscal adjustment paths, not only limits the fiscal manoeuvrability of
states but also impinges on their fiscal autonomy. Three, its design of the
grant for elementary education has the potential to reduce the expenditure
of states rather than augment it. The need to look at intergovernmental
transfers from the right perspective of federalism, where the states and
the centre are seen as equal partners in development and not from a narrow
technocratic viewpoint, cannot be stressed more.
Downloads:
http://www.nipfp.org.in/newweb/sites/default/files/wp_2011_81.pdf
Discipline: economics
Series-Type: paper
repec:npf:wpaper:11/81
*(59)
Monetary policy transmission in an emerging market setting.
Bhattacharya, Rudrani; Patnaik, Ila; Shah, Ajay
Abstract: Some emerging economies have a relatively ineffective monetary
policy transmis- sion owing to weaknesses in the domestic financial system
and the presence of a large and segmented informal sector. At the same
time, small open economies can have a substantial monetary policy
transmission through the exchange rate channel. In order to understand this
setting, we explore a unified treatment of monetary policy transmission and
exchange-rate pass-through. The results for an emerging market, India,
suggest that the most effective mechanism through which monetary policy
impacts inflation runs through the exchange rate.
JEL Codes: E31 ; E52
Keywords: Monetary policy transmission ; Exchange rate pass-through ; Exchange rate regime ; Financial development ; India
Downloads:
http://www.nipfp.org.in/newweb/sites/default/files/wp_2011_78.pdf
Discipline: economics
Series-Type: paper
repec:npf:wpaper:11/78
*(60)
Mother"s Autonomy and Child Welfare
Tanika Chakraborty
Abstract: We construct a new, direct measure of female autonomy in
household decision-making by creating an index from the principal
components of a variety of household variables on which mother of a child
takes decision. We then examine its impacts on her child"s secondary
education in Mexico and find that the children of Mexican mothers with
greater autonomy in domestic decision making have higher enrolment in and
lower probability of dropping out of secondary school. We use the relative
proximity of spousal parents as instruments for relative autonomy to
ameliorate the potential endogeneity between autonomy and welfare outcomes.
We argue that omitted variables that may drive education and autonomy are
likely to be uncorrelated with the ones driving location choice of families
given the migration patterns in Mexico. However, the positive autonomy
effect is weaker and non-existent for older children and for girls
suggesting that gender-directed conditional cash transfer policies may not
necessarily hasten educational and gender transition in the process of
development.
JEL Codes: D1, I2, J1
Keywords: Female Empowerment, Principal Component, Education, Instrumental Variable
Downloads:
http://www.diw.de/documents/publikationen/73/diw_01.c.368242.de/dp1102.pdf
Discipline: economics
Series-Type: paper
repec:diw:diwwpp:dp1102
*(61)
¿Se puede hablar de hiperinflación en el Perú en 1988-1990? una comparación con otras experiencias
Santiago Roca; Luis Simabuko
Downloads:
http://revistas.pucp.edu.pe/economia/sites/revistas.pucp.edu.pe.economia/files/images/31-1-Roca-Simabuko.pdf
Discipline: economics
Series-Type: article
repec:pcp:pucrev:y:1993:i:31:p:9-22
*(62)
Rentabilidad sectoriales y política macroeconómica
César Ferrari
Downloads:
http://revistas.pucp.edu.pe/economia/sites/revistas.pucp.edu.pe.economia/files/images/29-30-5-Ferrari.pdf
Discipline: economics
Series-Type: article
repec:pcp:pucrev:y:1992:i:29-30:p:167-194
*(63)
Innovation Policies and International Trade Rules: The Textile and Clothing Industry in Developing Countries
Owusu Boampong
Downloads:
http://www.palgrave-journals.com/ejdr/journal/v23/n1/pdf/ejdr201064a.pdf
http://www.palgrave-journals.com/ejdr/journal/v23/n1/full/ejdr201064a.html
Discipline: economics
Series-Type: article
repec:pal:eurjdr:v:23:y:2011:i:1:p:176-178
*(64)
Housing Prices and Fundamentals: The Role of a Supply Shifter
Durmaz, Nazif
Abstract: This paper empirically investigates cointegrating relation
between housing prices and economic fundamental variables in the US housing
market. Employing simple yet rigorous econometric techniques, the present
paper finds strong evidence in favor of cointegrating relations in most US
states when both the demand and supply side fundamental variables are
included in the cointegrating regression. This casts doubt on the previous
empirical work that reported weak or no cointegrating relation of housing
prices with mostly demand-side fundamental variables, which may have a
misspecification problem. Further, cointegrating vector estimates seem
consistent with economic theories only when both side fundamental variables
are used.
JEL Codes: E32; R31;
Keywords: Housing prices, cointegration
Downloads:
http://mpra.ub.uni-muenchen.de/28556/
http://mpra.ub.uni-muenchen.de/28584/
Discipline: economics
Series-Type: paper
repec:pra:mprapa:28556
*(65)
Les enjeux liés à la Mesure du Capital Naturel: L’exemple de la Nouvelle-Calédonie
Cécile Couharde; Vincent Géronimi; Elodie Maitre d"Hotel; Armand Taranco
Abstract: Les indicateurs économiques standard, mis en place pour
appréhender la richesse des pays, se révèlent insuffisants pour saisir
l’importance qu’occupent les ressources naturelles dans le développement
économique des nations. Pour faire face à cette insuffisance, la Banque
Mondiale a développé un cadre analytique dans lequel le capital naturel est
une des composantes de la richesse totale des pays. Dans cet article, nous
appliquons le cadre comptable développé par la Banque Mondiale pour évaluer
le capital naturel néo-calédonien et sa contribution à la richesse de la
Nouvelle-Calédonie. Les résultats décrivent une économie fortement dotée en
capital naturel et qui, dans une perspective internationale, se rapproche
des autres économies rentières. Pour intégrer les spécificités du capital
naturel de la Nouvelle-Calédonie, cet article propose également une
extension de la méthode Banque Mondiale et procède à une nouvelle
évaluation étendue du capital naturel néo-calédonienStandard economic
indexes intending to capture the wealth of nations fail to capture the
importance of natural resources for national economic development. In order
to overcome this shortcoming, the World Bank have implemented an analytical
framework taking account of natural capital as a component of the total
wealth of countries. In this paper we implement the accounting framework of
the World Bank for the evaluation of new-Caledonia natural capital and of
its contribution to the total wealth of this island. Following our
computations, new-Caledonia has a strong natural capital endowment, making
it similar to other rental economies. In order to capture the peculiarities
of the natural capital of new-Caledonia, this paper also expand the World
Bank methodology and deliver a new extended evaluation of new-Caledonia
natural capital.
Downloads:
http://www.palgrave-journals.com/ejdr/journal/v23/n1/pdf/ejdr201054a.pdf
http://www.palgrave-journals.com/ejdr/journal/v23/n1/full/ejdr201054a.html
Discipline: economics
Series-Type: article
repec:pal:eurjdr:v:23:y:2011:i:1:p:151-173
*(66)
Фундаментальные основы определения биоресурсной ренты и природной ренты экосистемы
Моткин Г.А.; Гусев А.А.; Рюмина Е.В.; Тулупов А.С.; Новосёлова И.Ю.; Городничева И.В.; Усманова Н.А.
Abstract: В отчете предложены денежно-кредитные инструменты сохранения и
устойчивого использования биоразнообразия, применение которых предполагает
наличие механизмов оценки биоресурсной ренты и природной ренты экосистемы.
Предлагаемый механизм природоохранного облигационного займа следует
рассматривать как вариант привлечения на добровольных началах средств
юридических и физических лиц. Средства, поступающие от реализации облигаций
природоохранного займа, могут стать одним из основных источников сохранения
и устойчивого использования биоразнообразия.
JEL Codes: q0, q2
Keywords: биоразнообразие, природоохранный облигационный заём, экологическое страхование, экономический ущерб, экологический риск, облигации
Downloads:
http://www.cemi.rssi.ru/mei/reports/r10-0353.htm
Discipline: экономика
Series-Type: paper
repec:rus:meirep:r10-353
*(67)
A CUSUM PROCEDURE FOR DETECTION OF OUTBREAKS IN POISSON DISTRIBUTED MEDICAL HEALTH EVENTS
Jonsson, Robert
Abstract: CUSUM procedures which are based on standardized statistics are
often supposed to have expectation zero and being normally distributed. If
these conditions are not satisfied it can have serious consequences on the
determination of proper alarming bounds and on the frequency of false
alarms. Here a CUSUM method for detecting outbreaks in health events is
presented when the latter are Poisson distributed. It is based on a
standardized statistic with a bias from zero that can be neglected. The
alar... moreming boundaries are determined from the actual distribution of
the statistic rather than on normality assumptions. The boundaries are also
determined from requirements on the probability of false alarms instead of
the common practice to focus on average run lengths (ARLs). The new method
is compared with other CUSUM methods in Monte Carlo simulations. It is
found that the new method has about the same expected time to first
motivated alarm and the same sensitivity. However, the new method has
expected times to first false alarm that are 9 % 90 % longer. The new
method is applied to outbreaks of sick-listening and to outbreaks of
Chlamydial infection.
JEL Codes: C10
Keywords: Reference value k; sampling- and calibration periods
Downloads:
http://gupea.ub.gu.se/handle/2077/24352
Discipline: economics
Series-Type: paper
repec:hhs:gunsru:2010_004
*(68)
Homogeneous Volatility Bridge Estimators
Alexander SAICHEV; Didier SORNETTE; Vladimir FILIMONOV; Fulvio CORSI
Abstract: We present a theory of homogeneous volatility bridge estimators
for logprice stochastic processes. The main tool of our theory is the
parsimonious encoding of the information contained in the open, high and
low prices of incomplete bridge, corresponding to given log-price
stochastic process, and in its close value, for a given time interval. The
efficiency of the new proposed estimators is favorably compared with that
of the Garman-Klass and Parkinson estimators.
JEL Codes: C02, C40, C60
Keywords: volatility, variance, estimators, efficiency, Wiener processes, homoge- neous functions
Downloads:
http://ssrn.com/abstract=1523225
Discipline: economics
Series-Type: paper
repec:chf:rpseri:rp0946
*(69)
The impact of airport competition on technical efficiency: A Stochastic Frontier Analysis applied to Italian airports
Davide Scotti; Paolo Malighetti; Gianmaria Martini; Nicola Volta
Abstract: We investigate how the intensity of competition among airports
affects their technical efficiency by computing airports’ markets on the
basis of a potential demand approach. We find that the intensity of
competition has a negative impact on airports’ efficiency in Italy during
the 2005–2008 period. This implies that airports belonging to a local air
transportation system where competition is strong exploit their inputs less
intensively than do airports with local monopoly power. Furthermore, we
find that public airports are more efficient than private and mixed ones.
Since public airports take into account the positive externalities created
by air transportation in the local economy, they are more willing to
subsidize airlines in developing the airports’ connections. Hence, policy
makers should provide incentives to implement airports’ specialization in
local systems where competition is strong. Moreover, when regulating
airport charges, they should take into account the impact of the above
externalities.
Keywords: Airport efficiency, stochastic distance function, airport competition
Downloads:
http://dspace-unibg.cilea.it/bitstream/10446/636/1/WPIngGe04(2010).pdf
Discipline: economics
Series-Type: paper
repec:brh:wpaper:1004
*(70)
A Bayesian Model of Sample Selection with a Discrete Outcome Variable
Maksym, Obrizan
Abstract: Relatively few published studies apply Heckman’s (1979) sample
selection model to the case of a discrete endogenous variable and those are
limited to a single outcome equation. However, there are potentially many
applications for this model in health, labor and financial economics. To
fill in this theoretical gap, I extend the Bayesian multivariate probit
setup of Chib and Greenberg (1998) into a model of non-ignorable selection
that can handle multiple selection and discrete-continuous outcome
equations. The first extension of the multivariate probit model in Chib and
Greenberg (1998) allows some of the outcomes to be missing. In addition, I
use Cholesky factorization of the variance matrix to avoid the
Metropolis-Hastings algorithm in the Gibbs sampler. Finally, using
artificial data I show that the model is capable of retrieving the
parameters used in the data-generating process and also that the resulting
Markov Chain passes all standard convergence tests.
JEL Codes: C15; C35; C11;
Keywords: Markov Chain Monte Carlo; sample selection; multivariate probit
Downloads:
http://mpra.ub.uni-muenchen.de/28577/
Discipline: economics
Series-Type: paper
repec:pra:mprapa:28577
*(71)
Cross-sectional consumption-based asset pricing: The importance of consumption timing and the inclusion of severe crises
Tom Engsted; Stig V. Møller
Abstract: By using a beginning-of-period timing convention for consumption,
and by including the Great Depression years in the analysis, we show that
on annual data from 1926 to 2009 a standard contemporaneous consumption
risk model goes a long way in explaining the size and value premiums in
cross-sectional data that include both the Fama-French portfolios and
industry portfolios. A long run consumption risk variant of the model also
produces a high cross-sectional fit. In addition, the equity premium puzzle
is significantly reduced in the models. We argue that in evaluating
consumption based models, it is important to include both boom and crises
periods, i.e. periods with severe consumption declines as well as periods
with strong growth, and that the standard post-war data sample may not be
well suited in this respect.
JEL Codes: G12
Keywords: Consumption-based model, long-run risk, the Great Depression, beginning-of-period timing convention, equity premium puzzle, Fama-French and industry portfolios, size and value premiums, GMM, cross-sectional R2.
Downloads:
ftp://ftp.econ.au.dk/creates/rp/11/rp11_07.pdf
Discipline: economics
Series-Type: paper
repec:aah:create:2011-07
*(72)
Integration Aspects of Subsequent EU Joiners
Cicero I Limberea; Mihaela Onofrei; Mihaela Tofan
Abstract: This article aims to analyze the economic policy aspects of the
European Union adherence requirements within the specific microeconomic
framework of the postcommunist Eastern European countries during their
transition to a free markets economic system. The authors observe that the
framework for integration has not been separated between the member
countries which had functioned as free market economies throughout the post
World War II years that had initially formed the Union, and the newer
entrants which were mostly still in a postcommunist transition on their
adherence dates. They argue that the transition of the labor markets in
such countries may require special attention as the free market mechanisms
have not yet reached equilibrium levels and the degree of absorption for
the labor force in those countries is still low compared to more mature
market economies, thus central bank inflation targeting in these countries
prior to the long term rate of unemployment reaching the natural rate is
not the optimal solution.
JEL Codes: E6
Keywords: EU accession, Maastricht, labor force absorption, migration, tax, uniform integration, inflation rate targeting
Downloads:
http://journal.ibsu.edu.ge/index.php/ibsusj/article/download/121/86
Discipline: economics
Series-Type: article
repec:ibl:journl:v:3:y:2009:i:2:p:5-18
*(73)
Report of the Thirteenth Finance Commission conundrum in conditionalities.
M. Govinda Rao
Abstract: The 13th Finance Commission has forayed into a number of areas
partly warranted by its terms of reference and partly due to the approach
it adopted. The Commission, besides tax devolution, has recommended as many
as 12 different types of grants with a plethora of conditionalities. A
critical appraisal of the recommendations shows that the transfer system
recommended by the Commissions suffers from the same limitations of
inequity and perverse incentives as in the past. The inability to offset
the fiscal disabilities of the states leads to giving several grants. Even
here, the approach is ad hoc. In particular, the grants recommended for
individual states for their special needs is a classic example of ad hoc
approach which is arbitrary and judgemental. The recommendations relating
to the GST are the ones which have been resented most by the states and
actually, this has taken the reform agenda backwards. The "all or nothing"
types of conditions do not leave much room for a "grand bargain". A major
concern is with a plethora of conditionalities imposed by the Commission.
Besides the conditions on GST compensations discussed above, there are
several conditions stipulated for achieving fiscal consolidation and
incentivising local bodies. There are questions on design, implementation,
and monitoring of these conditions. These questions leave one suspect that
the Commission lost an opportunity to reform the transfer system yet again.
Downloads:
http://www.nipfp.org.in/newweb/sites/default/files/wp_2010_76.pdf
Discipline: economics
Series-Type: paper
repec:npf:wpaper:10/76
*(74)
Food Security Concept, Condition and Trends in Georgia
Salome Asatiani
Abstract: The concept of Food security cannot be considered under the
context of a single country or even an entire region. This is the global
one and requires a global attitude. Many international organizations
coordinate and put attention to the food security issues, especially in the
developing countries, where this problem more or less exists. Agriculture
represents a significant segment of the economy of Georgia. Development of
secure food for domestic consumption or export trade relies on uniform food
policies and procedures that are consistently enforced by government
agencies. The major objective of this article is to represent the current
condition of food security in Georgia, identify main obstacles, show
relationship between the economic factors and food production, to assess
the future development trends and to show the number and proportion of
undernourished persons, improve availability and quality of relevant food
security information. This article presents a suite of food security
indicators including in the Millennium Development Goals on the prevalence
of undernourishment at the national and sub national levels. The summarized
findings cover a wide range of food security statistics which provide the
analytical background for identifying and locating the food insecure
population. It can be concluded from the findings that Georgia has a
moderate level of undernourishment
JEL Codes: I12,I18
Keywords: Food Security, Georgia, undernourishment, food deprivation, food consumption, dietary energy consumption
Downloads:
http://journal.ibsu.edu.ge/index.php/ibsusj/article/download/105/90
Discipline: economics
Series-Type: article
repec:ibl:journl:v:3:y:2009:i:2:p:35-54
*(75)
Import Demand Behavior of Arab Countries: Recent Trends and Influence of Geopolitical Events
Nader Habibi
Abstract: In light of the growing significance of the Arab import market
for the global community this study focuses on how the market shares of
leading exporters in the Arab world have evolved over the past two decades.
In first part of the analysis I looked at the trends of these market shares
over time and in comparison to other developing regions. I investigated the
market shares of the United States, China, Japan and the aggregate market
share of four largest European economies (France, Germany, Italy and the
United Kingdom). Since GCC constitutes the largest and most important
sub-regional import market inside the Arab world, the study focuses on GCC
with more detail. The trend analysis revealed that during 1988-2007 the
United States, Japan and European countries have lost market share in Arab
markets. Chinas market share, which was very small at the beginning of
this period, enjoyed a substantial growth over these two decades. The
market shares of European countries and the United States were relatively
stable before 2000 and most of this market loss was realized during
2000-2007. For Japan on the other hand the market loss was most substantial
during the first half of 1990s followed by another noticeable loss during
2005-2007. Chinas market share grew at a slow pace up until 2000, followed
by faster growth during 2001-2007. In the second part of this analysis I
used statistical regression models to investigate the impact of important
geopolitical events on relative market shares of the same exporters that
were studied in the first section. In light of the complex diplomatic and
security relations between the United States and Arab countries it might be
the case that Arab imports from the US are sensitive to the ups and downs
of the US-Arab relations. To investigate this theory I focused on four
important geopolitical events: Gulf War I (1991), Second Palestinian
Intifada (2000-2001), The September 11 terror attack (2001) and the US
invasion of Iraq (2003-2004). In my statistical model the dependent
variables are the market shares of the leading exporters to each Arab
country or bloc of countries. The statistical results suggest that the Gulf
War I and the US invasion of Iraq have both been associated with changes in
US market share in Arab imports. We observe a positive association between
Gulf War I and the US market share in GCC countries and the aggregate
imports of Arab countries in 1991 and 1992. On the other hand we observe a
negative association between the invasion of Iraq and the US market share
in aggregate imports of the Arab world. Among GCC countries this negative
association is only significant for the US market share in Saudi Arabia.
Furthermore, the analysis shows a strong and positive growth in market
shares of Asia and Europe during 2003 and 2004 which are associated with
the US invasion of Iraq. The results for the second intifada/September 11
event are mixed. This period is associated with an increase in US market
share in Bahrain and a negative market share in Saudi Arabia and the UAE.
No significant association is detected in other GCC countries or in the
aggregate imports of GCC as a group. Nevertheless we observe a negative
association between this pair of events and the US market share in the
aggregate imports of Arab countries.
Downloads:
http://www.brandeis.edu/departments/economics/RePEc/brd/doc/Brandeis_WP24.pdf
Discipline: economics
Series-Type: paper
repec:brd:wpaper:24
*(76)
Cardinality versus q-Norm Constraints for Index Tracking
Bjoern Fastrich; Sandra Paterlini; Peter Winker
Abstract: Index tracking aims at replicating a given benchmark with a
smaller number of its constituents. Different quantitative models can be
set up to determine the optimal index replicating portfolio. In this paper,
we propose an alternative based on imposing a constraint on the q-norm, 0
< q < 1, of the replicating portfolios" asset weights: the
q-norm constraint regularises the problem and identifies a sparse model.
Both approaches are challenging from an optimisation viewpoint due to
either the presence of the cardinality constraint or a non-convex
constraint on the q-norm. The problem can become even more complex when
non-convex distance measures or other real-world constraints are
considered. We employ a hybrid heuristic as a flexible tool to tackle both
optimisation problems. The empirical analysis on real-world financial data
allows to compare the two index tracking approaches. Moreover, we propose a
strategy to determine the optimal number of constituents and the
corresponding optimal portfolio asset weights.
JEL Codes: C15; C61; G11
Keywords: index tracking, cardinality constraint, q-norm, regularization methods, heuristic algorithms
Downloads:
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1679690
Discipline: economics
Series-Type: paper
repec:mod:recent:056
*(77)
In search of a selfish central banker? a note
Eric Dehay
Abstract: This paper extends the model of Chortareas and Miller (2003) to
the case of a continuum of central banker types. We derive two main
results. First, whether the central banker candidate is too selfish or not
enough, he has the same incentive to accept the contract and to breach.
Second, a too selfish central banker is more costly for society than a
benevolent central banker.
JEL Codes: E5
Keywords: monetary policy delegation, contract, selfishness
Downloads:
http://www.accessecon.com/Pubs/EB/2011/Volume31/EB-11-V31-I1-P48.pdf
Discipline: economics
Series-Type: article
repec:ebl:ecbull:eb-10-00797
*(78)
A Variational Approach in Drivelines Terminal Control
Cumhur Aksu
Abstract: It is shown that on the base of Driveline acceleration
measurement it is possible to define a variational problem, solution of
which permits to synthesize general Control function of Drivelines control
process. The last function covers various particular control problems. It
is shown, that these problems can be naturally defined by choosing of
corresponding boundary conditions. As an example of such particular cases a
problem of Acceleration is solved.
JEL Codes: E62
Downloads:
http://journal.ibsu.edu.ge/index.php/ibsusj/article/download/111/93
Discipline: economics
Series-Type: article
repec:ibl:journl:v:3:y:2009:i:2:p:137-148
*(79)
Equity
Goodwin, Neva
Abstract: This essay will not attempt to cover all the meanings of equity,
but will proceed on the assumption of some common understandings of
equality and fairness. It will first summarize briefly how the concept of
equity has fared in the evolution of economic theory, from the classical
economists of the 18th and 19th centuries, through the neoclassicals of the
20th. It will then focus on ways that ecological economics can once again
provide a central place for equity. To do so is not simply a theoretical
exercise. Values are involved – values that cannot help but have an impetus
toward action. Some possible implications for action will be outlined.
JEL Codes: A1; I3; B5;
Keywords: history of economic thought; equity; equality; ecological economics; human values
Downloads:
http://mpra.ub.uni-muenchen.de/27906/
Discipline: economics
Series-Type: paper
repec:pra:mprapa:27906
*(80)
Evolutionary Finance and Dynamic Games
Rabah AMIR; Igor V. EVSTIGNEEV; Thorsten HENS; Le XU
Abstract: The paper examines a game-theoretic evolutionary model of an
asset market with endogenous equilibrium asset prices. Assets pay dividends
that are partially consumed and partially rein- vested. The investors use
general, adaptive strategies (portfo- lio rules), distributing their wealth
between assets, depending on the exogenous states of the world and the
observed history of the game. The main goal is to identify strategies,
allowing an investor to survive, i.e. to possess a positive, bounded away
from zero, share of market wealth over the whole infinite time horizon.
This work brings together recent studies on evolutionary finance with the
classical topic of non-cooperative market games.
JEL Codes: C73, D52, G11
Keywords: evolutionary finance, dynamic games, stochastic games, survival strategies
Downloads:
http://ssrn.com/abstract=1536724
Discipline: economics
Series-Type: paper
repec:chf:rpseri:rp0949
*(81)
Migration and Social Insurance
Cremer, Helmuth; Goulão, Catarina
Abstract: A wide variety of social protection systems coexist within the
EU. Some member states provide social insurance that is of Beveridgean
inspiration (with universal and more or less flat benefits), while others
offer a system that is mainly Bismarckian (with benefits related to past
contributions). Labor mobility raises concerns about the sustainability of
the most generous and redistributive (Beveridgean) insurance systems. We
address this issue in a two-country setting, where individuals differ in
mobility cost (attachment to their native country). A Bismarckian insurance
system is not affected by migration while a Beveridgean one is. Our results
suggest that the race-to-the-bottom affecting tax rates may be more
important under Beveridge-Beveridge competition than under
Beveridge-Bismarck competition. Finally, we study the strategic choice of
the type of social protection. We show that Bismarckian governments may
find it beneficial to adopt a Beveridgean insurance system.
JEL Codes: H23, H70
Downloads:
http://idei.fr/doc/wp/2011/wp_idei_657.pdf
Discipline: economics
Series-Type: paper
repec:ide:wpaper:24004
*(82)
Relaciones de largo plazo entre el sector agrícola y ei no agrícola: un estudio de cointegración para la economía peruana
Javier Escobal
Downloads:
http://revistas.pucp.edu.pe/economia/sites/revistas.pucp.edu.pe.economia/files/images/31-3-Escobal.pdf
Discipline: economics
Series-Type: article
repec:pcp:pucrev:y:1993:i:31:p:71-90
*(83)
The dynamic relationship between competitive priorities and manufacturing best practices: a longitudinal analysis
Raffaella Cagliano; Federico Caniato; Matteo Kalchschmidt; Ruggero Golini
Abstract: This work investigates the relationship between manufacturing
best practices and competitive priorities. By means of data provided by
four editions of the IMSS dataset, a longitudinal analysis is performed to
analyze to which extent this relationship is stable over time. Results
provide evidence that some best practices have always been adopted to
pursue specific goals while others have changed their role over time. This
work provides empirical evidence that the role of manufacturing best
practices changes over time and it emphasizes the importance for companies
to adopt specific practices to pursue clear competitive goals and not
simply for imitation.
Keywords: Manufacturing Best Practices; Manufacturing Strategy; Longitudinal Analysis, IMSS
Downloads:
http://dspace-unibg.cilea.it/bitstream/10446/744/1/WPIngGe09(2010).pdf
Discipline: economics
Series-Type: paper
repec:brh:wpaper:1009
*(84)
An Overview of UNCTAD"s Least Developed Countries Report 2010: Towards a New International Development Architecture for LDCs
Charles Gore; Zeljka Kozul-Wright
Abstract: This article summarizes the main messages of UNCTAD"s Least
Developed Countries Report 2010. In the wake of global financial and
economic crisis, the Report calls for a development paradigm shift and the
creation of a New International Development Architecture (NIDA) for the
poorest and most vulnerable countries in the world. NIDA would be embodied
in new forms of development cooperation in the areas of finance, trade,
commodities, technology and climate change adaptation and mitigation. It
would include reforms in the global economic regimes that directly affect
development and poverty reduction in the LDCs as well as a new generation
of LDC-specific international support mechanisms and enhanced South-South
development cooperation.
Downloads:
http://www.palgrave-journals.com/ejdr/journal/v23/n1/pdf/ejdr201059a.pdf
http://www.palgrave-journals.com/ejdr/journal/v23/n1/full/ejdr201059a.html
Discipline: economics
Series-Type: article
repec:pal:eurjdr:v:23:y:2011:i:1:p:3-11
*(85)
Tax Evasion under Market Incompleteness
Marco Maffezzoli
Abstract: The available empirical evidence suggests that the distribution
of income and its composition play an important role in explaining tax
noncompliance. We address the issue from a macroeconomic point of view,
building a dynamic general equilibrium Bewley model that jointly
endogenizes the determinants of tax evasion and income heterogeneity. Our
results show that the model can successfully replicate the salient
qualitative and quantitative features of the data. In particular, the model
replicates fairly well the shape of the cross-sectional distribution of
misreporting rates over true income levels. Furthermore, we show that a
switch from progressive to proportional taxation has important quantitative
effects on noncompliance rates and tax revenues.
Downloads:
ftp://ftp.igier.unibocconi.it/wp/2011/378.pdf
Discipline: economics
Series-Type: paper
repec:igi:igierp:378
(86)
Научный потенциал и инновационная активность в России. Вып. 4 : стат. сб.
М. : Языки славянской культуры
Abstract: Статистический сборник «Научный потенциал и инновационная
активность в России» рассчитан на исследователей и аналитиков, занимающихся
вопросами влияния инновационной активности предприятий и организаций на
экономическое развитие регионов и видов экономической деятельности.
Discipline: экономика
Series-Type: book
repec:rus:ieieli:b1385
*(87)
Co-operation and conflict in the management of a health scare: the work of the Tobacco Industry Research Committee
Sue Bowden; Martin Forster; Martin Walsh
Abstract: This paper examines the response of the American tobacco
companies to the health scare surrounding tobacco harm between 1953 and
1964, through an analysis of the operations of the Tobacco Industry
Research Committee (TIRC). We consider the reasons for the TIRC"s
establishment and subsequent conduct in the context of a series of external
pressures which built up on the tobacco industry prior to, and during, the
period in question. These include the increase in deaths from cancer which
had occurred during the first half of the twentieth century, accumulating
epidemiological evidence suggesting that tobacco use was harmful to health,
progressively more grave statements that were being made by public health
bodies and scientists to the same effect, falling sales of cigarettes and
faltering stockholder confidence. We consider the TIRC"s contribution
to restoring confidence in tobacco products, what motivated scientific
advisors to sit on, and resign from, its Scientific Advisory Board and the
legitimacy of the argument that the controversy surrounding tobacco harm
continued until the mid-1960s
Downloads:
http://www.york.ac.uk/res/cherry/docs/pap0506d(bowden).pdf
Discipline: economics
Series-Type: paper
repec:yor:cherry:07/03
*(88)
Balanza de pagos, deuda externa y crecimiento: el caso de la economía brasileña
Gloria Canales
Downloads:
http://revistas.pucp.edu.pe/economia/sites/revistas.pucp.edu.pe.economia/files/images/29-30-3-Canales.pdf
Discipline: economics
Series-Type: article
repec:pcp:pucrev:y:1992:i:29-30:p:77-130
*(89)
Do Institutions Matter for FDI Spillovers? The Implications of China"s "Special Characteristics"
Luosha Du; Ann Harrison; Gary Jefferson
Abstract: A number of recent studies examine productivity spillovers from
foreign direct investment (FDI) to China’s domestic industrial enterprises.
This study goes further by investigating the implications of institutions
for the nature of productivity spillovers during 1998-2007. We examine
three institutional features that comprise aspects of China’s “special
characteristics”: (1) the different sources of FDI, where FDI is nearly
evenly divided between mostly Organization for Economic Co-operation and
Development (OECD) countries and the region known as “Greater China”,
consisting of Hong Kong, Taiwan, and Macau; (2) China’s heterogeneous
ownership structure, involving state- (SOEs) and non-state owned (non-SOEs)
enterprises, firms with foreign equity participation, and non-SOE, domestic
firms; and (3) industrial promotion via tariffs or through tax holidays to
foreign direct investment. We also explore how productivity spillovers from
FDI changed with China’s entry into the WTO in late 2001. We find robust
positive and significant spillovers to domestic firms via backward linkages
(the contacts between foreign buyers and local suppliers). Our results
suggest varied success with industrial promotion policies. Final goods
tariffs as well as input tariffs are negatively associated with firm-level
productivity. However, we find that productivity spillovers were higher
from foreign firms that paid less than the statutory corporate tax rate.
JEL Codes: F2; F23
Downloads:
http://www.nber.org/papers/w16767.pdf
Discipline: economics
Series-Type: paper
repec:nbr:nberwo:16767
*(90)
Modelling Monetary and Fiscal Policy in the US: A Cointegration Approach
J. James Reade
Abstract: As governments and economists worldwide reflect on the
unprecedented peacetime build-ups of government deficits and debts since
2008 and the Great Recession, the importance of fiscal and monetary policy
interactions and their sustainability is key. This involves both thorough
theoretical and careful econometric analysis. This paper provides the
latter. We use multivariate cointegration methods to investigate monetary
and fiscal interactions using the example of the United States since the
early 1980s. Using survey data for inflation expectations, we find that
monetary policymaking is heavily forward looking, and passive in the sense
that it responds to policy rule. Fiscal policy is found to be active in
that it does not respond to the fiscal policy rule discovered in the data.
Entering into debates on the efficacy of fiscal policy, we find that in the
long-term fiscal deficits are very harmful to growth, but in the short run
fiscal stimuli can be effective in restoring the economy to equilibrium.
The interactions between the two policy spheres appear somewhat limted in
that neither policy tool enters the policy rule of the other policy sphere,
but the more passive monetary policy does movwe in reaction to fiscal
policy movements - the two policy spheres are complementary in that both
respond in the same direction to revive and restrain the economy in
downturns and boom times respectively.
JEL Codes: E52, E62, C01
Keywords: Monetary policy, fiscal policy, policy interactions, cointegrated VAR method
Downloads:
ftp://ftp.bham.ac.uk/pub/RePEc/pdf/11-02.pdf
Discipline: economics
Series-Type: paper
repec:bir:birmec:11-02
*(91)
What is Hidden, in the Hidden Economy of Pakistan? Size, Causes, Issues and Implications
Gulzar, Ahmed; Junaid, Novaira; Haider, Adnan
Abstract: There is a worldwide contemporary debate about the role of the
hidden economy in achieving the goal of sustained and inclusive economic
growth and development, especially in the context of its spillover effects
on the formal economy. For this purpose, policy makers and academicians
have made concerted efforts to estimate the size of the hidden economy and
to analyze its causes, issues and implications on key macroeconomic
variables. However, there is a consensus among the policy makers that a
better macroeconomic policy formulation and its true implementation are
subject to the proper management of the associated issues of the hidden
economy with suitable policy measures. In Pakistan, it is generally assumed
that the hidden economy contributes about 30% to 50% to the overall GDP.
The purpose of this paper is to estimate more precisely the size of the
hidden economy with the determination of its potential causes and
implications. Five statistical and structural modeling approaches namely;
simple monetary approach, modified monetary approach using dynamic ordinary
least square (DOLS), multiple-indicators multiple-causes (MIMIC) approach,
electricity consumption approach and labor market survey based approach are
used to estimate the size of the hidden economy and to analyze the
characteristic nature of its growth over the period. The study also
investigates the potential determinants of the hidden economy and various
interrelated socio-economic issues in perspective of achieving national
goal of inclusive growth and development. Finally, policy implications are
provided consistent with pervading facts of the hidden economy in Pakistan
especially in the context of the 18th Amendment and the 7th NFC Award.
JEL Codes: C10; H50; H20; O53; D78; E26;
Keywords: Hidden Economy; Size; Causes; Socio-Economic Implications; Inclusive Growth and Development; 18th Amendment and 7th NFC Award of Pakistan
Downloads:
http://mpra.ub.uni-muenchen.de/28571/
Discipline: economics
Series-Type: paper
repec:pra:mprapa:28571
(92)
Лингвистика институциональной экономики
Иншаков О.В.; Фролов Д.П.
Abstract: Слова имеют значение для институциональной теории и практики.
Обращение к языку объективно необходимо для новых продвижений в познании
институтов экономики и общества. Исследование посвящено осмыслению
эвристического потенциала и обоснованию перспективной научной программы
институциональной лингвистики - нового направления междисциплинарных
разработок в предметной области институционализма. В работе развивается и
эмпирически подтверждается теория институциональных номинаций (nomina
institutis), анализируется специфика отражения институций в русском и
других славянских языках, обосновывается методология лингвоанализа
институтов, разрабатывается модель унифицированной англо-русской
институциональной терминосистемы. Для экономистов, филологов, социологов,
широкого круга исследователей, интересующихся вопросами институциональной
теории.
Discipline: экономика
Series-Type: book
repec:rus:ieieli:b1378
*(93)
A Repeat Sales Index Robust to Small Datasets
Michel Baroni; Fabrice Barthélémy; Mokrane Mahdi
Abstract: As suggested by D. Geltner, commercial properties indices have to
be built using repeat sales instead of hedonic indices. The repeat sales
method is a means of constructing real estate price indices based on a
repeated observation of property transactions. These indices may be used as
benchmarks for real estate portfolio managers. But the investors in general
are also interested in introducing real estate performance in their
portfolio to enhance the efficient frontier. Thus, expected return and
volatility are the two key parameters. To create and to improve contracts
on real estate indices, trend and volatility of these indices must be
robust regarding to the periodicity of the index and the volume of
transactions. This paper aims to test the robustness of the trend and
volatility estimations for two indices: the classical Weighted Repeat Sales
(Case & Shiller 1987) and a PCA factorial index (Baroni, Barthélémy and
Mokrane 2007). The estimations are computed from a dataset of Paris
commercial properties. The main findings are the trend and volatility
estimates are biased for the WRS index and not for the PCA factorial index
when the periodicity increases. Consequently, the level of the index at the
end of the computing period is significantly different for various
periodicities in the case of the WRS index. Globally, the PCA factorial
seems to be more robust to the number of transactions. Firstly, we present
the two methodologies and then the dataset. Finally we test the impact of
the number of transactions per period on the trend and volatility estimates
for each index and we give an interpretation of the results.
Keywords: Index Estimations ; Property Transactions Volume ; Repeat Sales Indices
Downloads:
http://hal-essec.archives-ouvertes.fr/docs/00/55/17/32/PDF/09003_Baroni.pdf
Discipline: economics
Series-Type: paper
repec:hal:journl:hal-00551732
(94)
On Devising Various Alarm Systems for Insurance Companies
Das, Shubhabrata; Kratz, Marie
Abstract: One possible way of risk management for an insurance company is
to develop an early and appropriate alarm system before the possible ruin.
The ruin is defined through the status of the aggregate risk process, which
in turn is determined by premium accumulation as well as claim settlement
out-go for the insurance company. The main purpose of this work is to
design an effective alarm system, i.e. to define alarm times and to
recommend augmentation of capital of suitable magnitude at those points to
prevent or reduce the chance of ruin. In the three different methods
outlined in this work, the alarms are signaled on the basis of the past
history of the risk process and/or properties of claim distribution.
Depending on the method adopted, the alarm time can be a random one or a
xed parameter of the claim distribution (and premium function). The focus
of this work is on devising a sequence of alarms, which are indeed fixed
parameters based on characteristics of the risk process. To draw a fair
measure of effectiveness of alarm system(s), comparison is drawn between a
process equipped with an alarm system, with capital being added at the
sound of every alarm, and the corresponding process without any alarm
system but an equivalently higher initial capital. Detailed analytical
results are obtained for general processes and this is backed up simulated
performances when the loss severity has exponential, or Pareto or discrete
logarithmic distribution. The formulation is eventually intended to be
applied and extended for devising alarm system for reinsurance contracts.
Keywords: alarm system; capital accumulation function; efficiency; quantitative risk management; risk process; ruin probability
Discipline: economics
Series-Type: paper
repec:ebg:essewp:dr-10008
*(95)
Indian social democracy: The resource perspective
Kelkar, Vijay; Shah, Ajay
Downloads:
http://www.nipfp.org.in/newweb/sites/default/files/wp_2011_82.pdf
Discipline: economics
Series-Type: paper
repec:npf:wpaper:11/82
*(96)
Investment Climate of Georgia after “Rose Revolution”: Recent Improvements and New Challenges
Tea Kbiltsetskhlashvili
Abstract: The article focuses on effectiveness of Investment climate in
Georgia after transition period. Investment climate is the institutional,
policy and regulatory environment in which firms operate – factors that
influence the link from sowing to reaping and I can say that investment
climate itself is the process from sowing to reaping because you will reap
what you sew. Investment climate is the opportunity and incentive for firms
to invest productively, create jobs and expand.One of the major
determinations of country’s economic developments and wellbeing are the
indicators of investment structure and volume. These indicators show
attractiveness of economy for foreign investors and give clues for
analyzing countries development process. Investment climate matters for the
total factor productivity, average wage rates, the rate of return on fixed
assets, growth rate of output, employment, corruption plus government
regulations, taxes, political and economical stability, migration. A good
investment climate is an essential pillar of a country‘s strategy to
stimulate economic growth, which in turn generates opportunities for poor
people to have more productive jobs and higher income. Hypothesizing that
long – term effect of foreign investment will increased in increased
employment and household income, poverty will be decreased and Georgian
economy will be developed. The paper also includes the results of a survey
conducted to find out the changes of investment climate after “Rose
Revolution”.
JEL Codes: M21
Keywords: foreign direct investment, natural resources, employment, economic growth, political stability, taxes, corruption.
Downloads:
http://journal.ibsu.edu.ge/index.php/ibsusj/article/download/86/48
Discipline: economics
Series-Type: article
repec:ibl:journl:v:2:y:2008:i:2:p:47-86
*(97)
Global Economic Crisis: Is Georgia At Risk?
Maka Bughulashvili
Abstract: Most of countries have been generally badly affected by the
tremendous global financial crisis and economic downturn happening
recently. It is really difficult to predict the timing and magnitude of
events caused by the global economic crises, the effects of the crisis vary
from country to country. It has become a serious problem not only for those
countries which belong to the world of unprecedented financial
globalization, where the financial sector plays a historically large role
in economic activity, but it is also an "imported crisis" (G20 Financial
Ministers" Meeting, November,2008) for low-income countries (LICs) as
well. Although Georgia"s economy is quite small, it is not isolated
from the recession dilemma facing the world economy. This article tries to
survey those sectors of Georgian economy which are regarded as having
suffered the most because of the financial crisis spreading around the
globe. This paper is kind of attempt to find out what are the optimal
measures to recover from the post-August war condition and how to avoid
direct influence of the global crisis on Georgian economy.
JEL Codes: I31, O47
Keywords: global, crisis, Georgia
Downloads:
http://journal.ibsu.edu.ge/index.php/ibsusj/article/download/106/95
Discipline: economics
Series-Type: article
repec:ibl:journl:v:3:y:2009:i:2:p:55-75
*(98)
Incentives for Accuracy in Analyst Research
Patricia Crifo; Hind Sami
Abstract: This paper proposes a model to analyze the dynamic relations
between incentive contracts and analysts" effort in providing accurate
research when both ethical and reputational concerns matter. First, we show
that reputation picks up ability and thus serves as a sorting device: when
analysts have a relatively low reputation for providing research quality
(below a threshold level) banks find it more profitable to offer a mix of
monetary and non monetary (ethic based) incentives and rely on the
analyst"s work ethic in ordre to provide research quality.
Alternatively, when analysts have a high reputation, full financial
(performance based) incentives contracts offer a substantial reward for
their contribution to the firm"s profits. Second, we find that the
design of compensation contracts, in the presence of reputational concerns
and work ethic, may lead to incentive problems: full financial incentives
contracts may exacerbate conflicts of interest by giving analysts extrinsic
rewards on reporting, thereby inducing them to prefer high short term
benefits to the detriment of long term research and coverage effort. On the
contrary, a mix of monetary and non monetary rewards based on the
analyst"s work ethic may allow them to resist pressures from conflicts
of interest and induces a high research effort thus enhancing long-run
reputation.
Keywords: Motivation, Reputation, Reporting, Investment analysts.
Downloads:
http://hal-polytechnique.archives-ouvertes.fr/docs/00/56/19/29/PDF/cahier_de_recherche_2011-01.pdf
Discipline: economics
Series-Type: paper
repec:hal:wpaper:hal-00561929
*(99)
Effect of a law limiting upcoding on hospitals’ admissions: Evidence from Italy
Giorgio Vittadini; Paolo Berta; Gianmaria Martini; Giuditta Callea
Abstract: Policy makers have made several attempts to limit hospitals
upcoding. We investigate the impact on discharges with and without
complications of a law introducing a minimum length of stay to discharges
with complications. We implement a DID econometric model to assess the
impact of the law and a logistic multilevel model to estimate whether
hospitals reacted strategically to it by varying the patients’ length of
stay. We show that the policy has been effective in limiting upcoding,
since the number of discharges with complications is significantly lower in
2008. We also show that hospitals have reacted strategically to the law by
modifying the distribution of discharges’ length of stay in DRGs with
complications, in order to continue practicing upcoding. Furthermore, we
provide evidence that upcoding is greater in private for–profit hospitals,
that have been more affected by the law.
Keywords: Upcoding, Differenceindifference, Logistic multilevel
Downloads:
http://dspace-unibg.cilea.it/bitstream/10446/669/1/WPIngGe05(2010).pdf
Discipline: economics
Series-Type: paper
repec:brh:wpaper:1005
*(100)
Анализ состояния и перспективы развития нефтегазового сектора России
Елисеев Д.О.; Моргунов Е.В.; Аносов А.В.; Горина С.А.; Живица В.И.; Наумова Ю.В.; Чернявский С.В.; Витохин С.В.; Чернявский В.С.
Abstract: <p>Нефтегазовый комплекс (НГК) – является ключевой отраслью
народного хозяйства страны, формирующим около 40% налоговых поступлений в
бюджет государства и более 50% экспортных доходов. Зависимость экономики от
НГК обуславливает необходимость оценки состояния нефтегазового сектора
перспектив его развития в долгосрочной перспективе.</p> <p>На
основе анализа современного состояния НГК России показано, что на
современном этапе существует дисбаланс между уровнем добычи, приростом
минерально-сырьевой базы, а также ценовой политикой нефтегазовых компаний,
что обусловлено экономическими, организационно-технологическими и
нормативно-правовыми причинами. Показано, что налогообложение отрасли с
одной стороны направлено, на максимальное изъятие сверхдоходов компаний,
однако при этом смещено в сторону налогообложения прибыли, а не
рентоориентировано, что не совсем коррелирует с мировым опытом, что в свою
очередь не стимулирует недропользователей к разведке новых месторождений.
Предложены механизмы опережающего роста вопрспроизводства
минерально-сырьевой базы, с учетом совершенствования системы существующего
налогообложения, а также участия государственных компаний в этом
процессе.</p>
JEL Codes: n5
Keywords: нефтегазовый сектор, налогообложение, горная рента, корпоративные структуры, новые месторождения, новая модель хозяйствования, госкорпорации, нефтегазовые компании, нормативно-правовое регулирование
Downloads:
http://www.cemi.rssi.ru/mei/reports/r10-0357.htm
Discipline: экономика
Series-Type: paper
repec:rus:meirep:r10-357
*(101)
Memory Lane and Morality: How Childhood Memories Promote Prosocial Behavior
Francesca Gino; Sreedhari D. Desai
Abstract: Four experiments demonstrated that recalling memories from
one"s own childhood lead people to experience feelings of moral purity
and to behave prosocially. In Experiment 1, participants instructed to
recall memories from their childhood were more likely to help the
experimenter with a supplementary task than were participants in a control
condition, and this effect was mediated by self-reported feelings of moral
purity. In Experiment 2, the same manipulation increased the amount of
money participants donated to a good cause, and self-reported feelings of
moral purity mediated this relationship. In Experiment 3, participants who
recalled childhood memories judged the ethically-questionable behavior of
others more harshly, suggesting that childhood memories lead to altruistic
punishment. Finally, in Experiment 4, compared to a control condition, both
positively-valenced and negatively-valenced childhood memories led to
higher empathic concern for a person in need, which, in turn increased
intentions to help.
Keywords: Childhood, Ethics, Memories, Morality, Prosocial Behavior, Purity
Downloads:
http://www.hbs.edu/research/pdf/11-079.pdf
Discipline: economics
Series-Type: paper
repec:hbs:wpaper:11-079
*(102)
The Impact of the Global Business Cycle on Small Open Economies: A FAVAR Approach for Canada
Garima Vasishtha; Philipp Maier
Abstract: Building on the growing evidence on the importance of large data
sets for empirical macroeconomic modeling, we use a factor-augmented VAR
(FAVAR) model with more than 260 series for 20 OECD countries to analyze
how global developments affect the Canadian economy. We focus on several
sources of shocks, including commodity prices, foreign economic activity,
and foreign interest rates. We evaluate the impact of each shock on key
Canadian macroeconomic variables to provide a comprehensive picture of the
effect of international shocks on the Canadian economy. Our findings
indicate that Canada is primarily exposed to shocks to foreign activity and
to commodity prices. In contrast, the impact of shocks to global interest
rates or global inflation is substantially lower. Our findings also expose
the different channels through which higher commodity prices impact the
Canadian economy: Canada benefits from higher commodity prices through a
positive terms of trade shock, but at the same time, higher commodity
prices tend to lower global economic activity, hurting demand for Canadian
exports.
JEL Codes: C32, F41
Keywords: International topics; Econometric and statistical methods; Business fluctuations and cycles
Downloads:
http://www.bankofcanada.ca/en/res/wp/2011/wp11-2.pdf
Discipline: economics
Series-Type: paper
repec:bca:bocawp:11-2
*(103)
Business Education in Post Soviet Countries
Natela Doghonadze
Abstract: The presented article discusses the history of business education
development in post Soviet countries. It is shown that, though much has
been done in these countries to bring business education to international
standards, still much has to be done
JEL Codes: I21
Keywords: education, business, georgia
Downloads:
http://journal.ibsu.edu.ge/index.php/ibsusj/article/download/127/87
Discipline: economics
Series-Type: article
repec:ibl:journl:v:3:y:2009:i:2:p:19-33
*(104)
Анализ и обобщение теоретических аспектов экономико-математического моделирования инновационного развития на макро-, мезо- и микроэкономическом уровнях экономики России и стран СНГ (Заключительный отчет)
Цветков В.А.; Зоидов К.Х.; Андреев В.В.; Медков А.А.; Быкадоров М.А.; Губин В.А.; Ильин М.В.; Кондраков А.В.; Биджамова К.В.; Зоидов З.К.; Медников В.В.
Abstract: <p>Своевременный анализ и регулирование циклического
характера развития экономической динамики является одной из центральных
задач государственной политики России и других стран постсоветского
пространства. Длительный трансформационный кризис, охвативший транзитивную
экономику в 1992-1997 гг., неравновесие темпов прироста после дефолта 1998
года, финансово-экономический циклический кризис 2008-2009 гг. делает
решение этой проблемы не просто актуальной, но и жизненно необходимой.
Таким образом, основной целью совершенствования государственного
регулирования, является обеспечение устойчивого роста экономики в условиях
инновационного пути развития и модернизации в долгосрочной
перспективе.</p> <p> Основная цель настоящего исследования
заключается в системном исследовании проблемы анализа циклических процессов
в России и в других странах постсоветского пространства и разработке
научно-обоснованных предложений по совершенствованию способов регулирования
циклов в условиях инновационного пути развития и модернизации национальной
экономики в посткризисном периоде.</p> <p> В работе обобщены и
систематизированы основные методологические подходы к исследованию
циклических процессов. Выявлена эффективность использования методов
производственных зависимостей для исследования экономических циклов.
Рассмотрен зарубежный опыт цикличности развития экономических систем на
примере США, Японии, Китая, Индии и стран ЕС. Проведен ретроспективный
анализ экономики России и других стран постсоветского пространства
предложенным подходом. На основе системного анализа циклического характера
развития макроэкономической динамики России и других стран постсоветского
пространства на периоде 1991-2009 гг. и изучения методологии
совершенствования их регулирования разработаны основные направления и
способы регулирования циклов по их повышательным и понижательным фазам, а
также стадиям в среднесрочной и долгосрочной перспективе в контексте
инновационного пути развития и модернизации экономики. Особое внимание
уделено анализу факторов, тормозящих переход российской экономики на
инновационный путь развития.</a>
JEL Codes: c0
Keywords: инновационная экономика, научно-технический прогресс, экономические циклы, экономические кризисы, производственные зависимости, эластичность замещения, совокупные факторные производительности, сценарный подход, прогнозирование, глобализация, конкуренция, опережающая модернизация
Downloads:
http://www.cemi.rssi.ru/mei/reports/r10-0348.htm
Discipline: экономика
Series-Type: paper
repec:rus:meirep:r10-348
*(105)
Состояние и перспективы финансово-денежной и экологической политики в России в изменяющихся экономических условиях
Петраков Н.Я.; Мудрецов А.Ф.; Соловьёва С.В.; Сайфиева С.Н.; Ремезова М.Ю.; Ермилина Д.А.
Abstract: Разработаны предложения по достижению оптимального взаимодействия
финансового и реального секторов российской экономики, по реформированию
налоговой политики и по обеспечению действенной эколого-экономической
безопасности в России.
JEL Codes: e0, q0
Keywords: http://www.cemi.rssi.ru/mei/reports/r10-0351.htm
Downloads:
http://www.cemi.rssi.ru/mei/reports/r10-0351.htm
Discipline: экономика
Series-Type: paper
repec:rus:meirep:r10-351
*(106)
Influencia de las condiciones económicas y fiscales sobre los resultados electorales provinciales y municipales
Alberto Porto; Natalia Porto
Downloads:
http://www.depeco.econo.unlp.edu.ar/doctrab/doc26.pdf
Discipline: economics
Series-Type: paper
repec:lap:wpaper:026
*(107)
Family Firms and Regional Innovation Activity: Evidence from the German Mittelstand
Block, Joern; Spiegel, Frank
Abstract: Family firms are important not only for a region but for the
economy as a whole. In particular, the long-term orientation and the local
embeddedness of family firms suggest a positive effect on regional
innovation activity. Yet, despite the widely acknowledged importance of
family firms for the economy, little research exists on this issue. This
paper analyses the effect of family firms on regional innovation. Using a
dataset of 326 German regions, our regressions show that regions with a
higher share of family firms also show higher levels of innovation
activity, as measured by the number of successful patent applications. The
implications of these findings for policy and research are discussed.
JEL Codes: L26; O3;
Keywords: innovation; family firms; geography; Mittelstand; patents
Downloads:
http://mpra.ub.uni-muenchen.de/28604/
Discipline: economics
Series-Type: paper
repec:pra:mprapa:28604
(108)
Капитал: Квинтэссенция всех томов «Капитала» в одной книге
Маркс К.
Abstract: Предлагаемая читателям книга представляет собою обработку
выдающегося классического труда Карла Маркса - «Капитала», выполненную
немецким историком и экономистом Ю. Борхардтом. Книга составлена главным
образом из извлечений, взятых из трех томов «Капитала» и сведенных
составителем в сравнительно небольшой объем, с целью познакомить широкие
круги читателей с содержанием этой великой книги. Задача Ю. Борхардта, по
его словам, состояла в том, «чтобы предоставить говорить самому Марксу,
представить его работу, его собственные слова в таком виде, чтобы каждый
мог понять их с затратой некоторого времени и усилий». В приложении
содержится статья самого Ю. Борхардта, в которой раскрывается сущность
теории кризисов Маркса. Книга будет интересна историкам, экономистам,
философам, социологам, политологам, студентам и аспирантам соответствующих
специальностей, всем читателям, желающим ознакомиться с одной из самых
выдающихся экономических теорий, многие положения которой сохраняют
актуальность и в настоящее время.
Discipline: экономика
Series-Type: book
repec:rus:ieieli:95727
*(109)
Efíciencia relativa y desarrollo de la productividad en la producción peruana de cemento (un enfoque no paramétrico)
Luiz Cabezas; Ann Veiderpass
Downloads:
http://revistas.pucp.edu.pe/economia/sites/revistas.pucp.edu.pe.economia/files/images/29-30-6-Cabezas-Veiderpass.pdf
Discipline: economics
Series-Type: article
repec:pcp:pucrev:y:1992:i:29-30:p:195-228
*(110)
Проблемы интеграции и инновационного развития транспортных систем России и стран Центральной Азии в посткризисный период
Цветков В.А.; Зоидов К.Х.; Медков А.А.
Abstract: <p>Основная цель настоящего исследования заключается в
системном исследовании проблемы интеграции и инновационного развития
транспортно-коммуникационных систем России и стран Центральной Азии и
разработке научно обоснованных предложений по модернизации этой отрасли в
посткризисном периоде.</p> <p> Всестороннее рассматривается
транспортная составляющая формирования единого рыночного пространства в
России в условиях ее интеграции в мировую хозяйственную систему и
выработаны предложения по совершенствованию транспортной работы. Показана
роль транспорта в обеспечении внутренних экономических связей и в развитии
внешних контактов хозяйствующих субъектов, которые в настоящее время
становятся доминирующими. В развитии транспортных систем стран Центральной
Азии, их интеграции в рамках создания международных транспортных коридоров,
особое внимание уделено вопросам создания совместных предприятий и крупных
транспортных компаний как основы взаимодействия транспортных систем России
и стран Центральной Азии. Показано, что инновационная активность в этих
странах заключается во внедрении улучшающих нововведений и производстве
современных видов техники. Подчеркнута роль России как инновационного
лидера в области развития железнодорожного транспорта на постсоветском
пространстве. Показана значимость Таможенного союза в ходе транспортной
интеграции России и Казахстана. Разработаны научно-методологические
предложения по созданию российско-казахстанских предприятий и реализации
совместных проектов в области развития железнодорожного транспорта.
</p>
JEL Codes: n7
Keywords: инновационная экономика, экономические кризисы, сценарный подход, прогнозирование, глобализация, конкуренция, рыночная экономика, транспортная система, модернизация экономики, государственно-частное партнерство, постсоветское пространство, Центральная Азия, посткризисный период
Downloads:
http://www.cemi.rssi.ru/mei/reports/r10-0347.htm
Discipline: экономика
Series-Type: paper
repec:rus:meirep:r10-347
*(111)
Globalisation Theories and Their Effect on Education
Nikoloz Parjanadze
Abstract: Globalisation is a relatively new concept in social sciences,
especially in educational research and there is no agreement on its
essence. The article presents three stances within globalisation theory –
the hyperglobalist , the sceptical and the transformational, which reflect
disputes concerning new global trends. The discussion highlights social,
economic and political aspects globalization theory deals with. The article
focuses on the effects of globalisation over education and the demands it
has introduced to the field. Historically education played vital role in
the formation of nation states and national identity. However, there is
strong support to the assumption that globalisation poses a threat to small
nations and ensures the dominance of Anglo-Saxon culture over the others.
The article argues that globalisation, state and education are closely
linked notions and if any of the components lacks, often it is difficult to
have a thorough understanding of each of them. And in spite of some stances
indicating to the demise of the nation states and the national education
systems, the argument is developed that in the global era the role and
meaning of each of them have intensified. Though the process of
globalisation has brought along policies full of contradictions, the
transformationalist stance suggests that positive and balanced approach be
employed to react to global changes.
JEL Codes: I21
Keywords: globalisation, education, policy borrowing, decentralisation, globalisation theories
Downloads:
http://journal.ibsu.edu.ge/index.php/ibsusj/article/download/116/89
Discipline: economics
Series-Type: article
repec:ibl:journl:v:3:y:2009:i:2:p:77-88
*(112)
Tax-Benefit Systems in Europe and the US: Between Equity and Efficiency
BARGAIN Olivier; DOLLS Mathias; NEUMANN Dirk; PEICHL Andreas; SIEGLOCH Sebastian
Abstract: Whether observed di¤erences in redistributive policies across
countries are the result of di¤erences in social preferences or e¢ ciency
constraints is an important question that paves the debate about the
optimality of welfare regimes. To shed new light on this question, we
estimate labor supply elasticities on microdata and adopt an inverted
optimal tax approach to characterize the redistributive preferences
embodied in the welfare systems of 17 EU countries and the US. Implicit
social welfare functions are broadly compatible with the ?ction of an
optimizing Paretian social planner. Some exceptions due to generous
demogrant transfers are consistent with the ignorance of behavioral
responses by some European governments and are partly corrected by recent
policy developments. Heterogeneity in leisure-consumption preferences
somewhat a¤ect the international comparison in degrees of revealed
inequality aversion, but di¤erences in social preferences are signi?cant
only between broad groups of countries.
JEL Codes: C63; D63; H11; H21
Keywords: social preferences; redistribution; optimal income taxation; labor supply
Downloads:
http://www.ceps.lu/pdf/11/art1619.pdf
Discipline: economics
Series-Type: paper
repec:irs:cepswp:2011-11
*(113)
Unconventional Fiscal Policy at the Zero Bound
Isabel Correia; Emmanuel Farhi; Juan Pablo Nicolini; Pedro Teles
Abstract: When the zero lower bound on nominal interest rates binds,
monetary policy cannot provide appropriate stimulus. We show that in the
standard New Keynesian model, tax policy can deliver such stimulus at no
cost and in a time-consistent manner. There is no need to use inefficient
policies such as wasteful public spending or future commitments to inflate.
We conclude that in the New Keynesian model, the zero bound on nominal
interest rates is not a relevant constraint on both fiscal and monetary
policy.
JEL Codes: E12; E52; E58; E6; E62
Downloads:
http://www.nber.org/papers/w16758.pdf
Discipline: economics
Series-Type: paper
repec:nbr:nberwo:16758
*(114)
Money in a DSGE framework with an application to the Euro Zone
André Fourçans; Jonathan Benchimol
Abstract: Le «nouveau keynésianisme» actuel néglige le rôle des aggrégats
monétaires dans la détermination de l¿équilibre économique. On peut se
poser des questions sur cette vision tant il est difficile d¿admettre que
la monnaie serait une variable «passive» du système économique. En
introduisant les balances réelles dans une fonction d¿utilité
non-séparable, cet article incorpore explicitement le rôle de la monnaie
dans un modèle du type DSGE. Cette spécification débouche sur des équations
d¿inflation et d¿output gap dans lesquelles les encaisses monétaires jouent
un rôle significatif. Le modèle DSGE est calibré par la General Method of
Moments (GMM) appliqué aux données de la zone Euro. Les résultats et
l¿analyse démontrent que dans la mesure où la croissance monétaire joue un
rôle significatif, la BCE devrait réagir plus vigoureusement aux chocs
économiques qu¿elle ne le fait généralement.
Keywords: BCE ; Inflation ; Monnaie ; Politique monétaire
Downloads:
http://hal-essec.archives-ouvertes.fr/docs/00/55/34/95/PDF/09005_FourA_ans.pdf
Discipline: economics
Series-Type: paper
repec:hal:journl:hal-00553495
*(115)
The Impact of Quasi-Regulatory Mechanisms on Polluting Behavior: Evidence from Pollution Prevention Programs and Toxic Releases
Linda Bui
Abstract: To date, there is little convincing evidence on the effectiveness
of quasi-regulatory mechanisms. Here I investigate how quasi-regulatory
policies known as pollution prevention (P2) programs affect toxic
pollution. I construct a data base on state-level P2 programs as well as
the 1990 federal Pollution Prevention Act (PPA) and exploit variation in
state adoption dates and program characteristics to study their effects on
facility-level toxic releases. I find strong evidence that these mechanisms
can affect pollution outcomes. In particular, I find that (1) the 1990 PPA
has had a significant effect on toxic releases; (2) state programs geared
to reducing the costs of P2 activities led to significant reductions in
toxic releases; and (3) the response to P2 programs that increased the
regulators ability to monitor polluting behavior could either increase or
decrease reported releases, depending on the regulators ability to verify
the accuracy of the reported releases.
Keywords: TRI, Quasi-Regulation, Voluntary Programs, Toxic Pollution
Downloads:
http://www.brandeis.edu/departments/economics/RePEc/brd/doc/Brandeis_WP26.pdf
Discipline: economics
Series-Type: paper
repec:brd:wpaper:26
*(116)
Trading activity and price impact in parallel markets: SETS vs. off-book market at the London Stock Exchange
Angelo Carollo; Gabriella Vaglica; Fabrizio Lillo; Rosario N. Mantegna
Abstract: We empirically study the trading activity in the electronic
on-book segment and in the dealership off-book segment of the London Stock
Exchange, investigating separately the trading of active market members and
of other market participants which are non-members. We find that (i) the
volume distribution of off-book transactions has a significantly fatter
tail than the one of on-book transactions, (ii) groups of members and
non-members can be classified in categories according to their trading
profile (iii) there is a strong anticorrelation between the daily inventory
variation of a market member due to the on-book market transactions and
inventory variation due to the off-book market transactions with
non-members, and (iv) the autocorrelation of the sign of the orders of
non-members in the off-book market is slowly decaying. We also analyze the
on-book price impact function over time, both for positive and negative
lags, of the electronic trades and of the off-book trades. The
unconditional impact curves are very different for the electronic trades
and the off-book trades. Moreover there is a small dependence of impact on
the volume for the on-book electronic trades, while the shape and magnitude
of impact function of off-book transactions strongly depend on volume.
Downloads:
http://arxiv.org/abs/1102.0687
http://arxiv.org/pdf/1102.0687
Discipline: economics
Series-Type: paper
repec:arx:papers:1102.0687
*(117)
Assessing the Responsiveness of Private Investment to Economic Reforms: The Case of MENA Countries
Ahmet Faruk Aysan; G. Pang; Marie-Ange Veganzones
Abstract: During the 1980s and the 1990s, private investment in the Middle
East and North Africa (MENA) has on average shown a decreasing or stagnant
trend. This contrasts with the situation of the Asian economies, where
private investment has always been more dynamic. In this paper, it is
empirically shown for a panel of 39 developing economies--among which four
MENA countries-- that in addition to the traditional determinants of
investment--such as the growth anticipations and the real interest
rate--government policies explain MENA"s low investment rate.
Insufficient structural reforms--which have most of the time led to poor
financial development and deficient trade openness¬¬--have been a crucial
factor for the deficit in private capital formation. The economic
uncertainties of the region have represented another factor of the
firm"s decisions not to invest. These uncertainties have consisted of
the external debt burden and various measures of volatility.
Keywords: cerdi
Downloads:
http://halshs.archives-ouvertes.fr/docs/00/56/26/35/PDF/2006.23.pdf
Discipline: economics
Series-Type: paper
repec:hal:wpaper:halshs-00562635
*(118)
Monetary policy and its impact on stock market liquidity: Evidence from the euro zone
Octavio Fernández-Amador; Martin Gächter; Martin Larch; Georg Peter
Abstract: The recent financial crisis has been characterized by
unprecedented monetary policy interventions of central banks with the
intention to stabilize financial markets and the real economy. This paper
sheds light on the actual impact of monetary policy on stock liquidity and
thereby addresses its role as a determinant of commonality in liquidity. To
capture effects both at the micro and macro level of stock markets, we
apply panel estimations and vector autoregressive models. Our results
suggest that an expansionary monetary policy of the European Central Bank
leads to an increase of stock market liquidity in the German, French and
Italian markets. These findings are robust for seven proxies of liquidity
and two measures of monetary policy.
JEL Codes: E44, E51, E52, G12
Keywords: Stock liquidity, monetary policy, euro zone
Downloads:
http://www.uibk.ac.at/fakultaeten/volkswirtschaft_und_statistik/forschung/wopec/repec/inn/wpaper/2011-06
Discipline: economics
Series-Type: paper
repec:inn:wpaper:2011-06
*(119)
Financial Integration, Entrepreneurial Risk and Global Imbalances
George-Marios Angeletos; Vasia Panousi
Abstract: How does financial integration impact capital accumulation,
current-account dynamics, and cross-country inequality? We investigate this
question within a two-country, general-equilibrium, incomplete-markets
model that focuses on the importance of idiosyncratic entrepreneurial risk—
a risk that introduces, not only a precautionary motive for saving, but
also a wedge between the interest rate and the marginal product of capital.
Our contribution is to show that this friction provides a simple
explanation for the emergence of global imbalances, a resolution to the
empirical puzzle that capital often fails to flow from the rich or
slow-growing countries to the poor or fast-growing ones, and a set of
policy lessons regarding the intertemporal costs and benefits of
capital-account liberalization.
JEL Codes: E13; F15; F41
Downloads:
http://www.nber.org/papers/w16761.pdf
Discipline: economics
Series-Type: paper
repec:nbr:nberwo:16761
*(120)
Integración económica y localización de la actividad productiva: el caso del Mercosur
Christian Volpe Martincus
Abstract: During the nineties, a surge of Regionalism took place and
appeared the New Economic Geography, that centered on the study of the
spatial consequences that this phenomenon involved. The theory mantains
that the constitution of a custom union between countries with different
sizes iniatilly induces a reduction in the geographical concentration of
industries with increasing returns to scale at the biggest economy of the
block and that this trend reverts later when the depth of integration
exceeds certain critic level. Under the assumption that the firms belonging
to given industries have similar propensities to trade across countries,
the intrarregional intraindustry trade is like a mirror image for the
localizational pattern of production; therefore, its relative importance
would exhibit an opposite path, that is, in the first place it would
increase and subsequentely it would decrease. On the other hand, the
diminution of intraunion transaction costs could also cause changes in the
spatial configuration of industries inside the integrating countries,
specifically it could favor the industrial agglomeration at the regions
with the biggest markets of these. The empiric evidence fully supports the
results emerging from theoretical models. The establishment of Mercosur
appeared to stimulate an increase in the bilateral intraindustry trade
between Argentina and Brazil, in harmony with what is foreseeable in the
former stages of integration and to help to perpetuate the regional
concentration of industrial activity in our country. In the framework
defined by the assumptions made in the theoretical analysis, the dynamics
of the economic geography in the block could result in an increasing
divergence of welfare levels. It´s evident that the growth of these
disparities could prejudice the future viability of the process. In
particular, if the ones who have the responsability of policymaking cares
about the relative welfare, it could be beared out the instrumentation of a
regional-sectoral policy.
Downloads:
http://www.depeco.econo.unlp.edu.ar/doctrab/doc23.pdf
Discipline: economics
Series-Type: paper
repec:lap:wpaper:023
*(121)
Part time employment and happiness: A cross-country analysis
Pamela Lenton
Abstract: This paper analyses levels of over-education and wage returns to
education for males across eleven regions of the UK using Labour Force
Survey data. Significant differences are found in the probability of being
over-educated across regions; also, differences are found in the return to
the correct level of education in each region, in each case associated
with flexibility of movement between and into particular regions, which
determines the ease of job matching. Furthermore, evidence is found that,
after controlling for the level of education acquired, there exists a
premium to the correct level of education, which varies across UK
regions.
JEL Codes: I121, J24
Keywords: education, returns
Downloads:
http://www.shef.ac.uk/economics/research/serps/articles/2011_001.html
Discipline: economics
Series-Type: paper
repec:shf:wpaper:2011001
*(122)
Proper Welfare Weights for Social Optimization Problems
Alexis Anagnostopoulos; Eva Carceles-Poveda; Yair Tauman
Abstract: Social optimization problems are often used in economics to study
important issues. In a social optimization problem, the sum of individual
weighted utilities is maximized over all feasible allocations that satisfy
certain constraints. In this paper, we provide a mechanism that determines
the set of proper individual weights to be applied to social optimization
problems. To do this, we first define for every set of individual weights
and for every social welfare function the contribution of every individual
to the total welfare through the individuals initial endowments. We then
provide an axiomatic approach to the notion of the per unit contribution of
every good and every individual. We then define a set of individual weights
to be proper iff the weighted utilities of every individual from this
allocation are proportional to the contribution of the individual to the
total welfare as defined by this set of weights. It is shown that every
contribution mechanism that satisfies these four axioms is uniquely
determined by a non negative measure on the unit interval. The selection of
a specific contribution mechanism (or equivalently the selection of a
specific nonnegative measure on the unit interval) determines for a given
economy and a given set of weights a proper constrained efficient
allocation and a proper set of weights. Finally, we provide several
numerical examples that illustrate our methodology. When households are not
ex ante identical, the examples suggest that using the proper weights can
substantially affect the allocations.
JEL Codes: D52, D63
Keywords: Welfare weights, Heterogeneous Households
Downloads:
http://www.sunysb.edu/economics/research/papers/2010/shapley.pdf
Discipline: economics
Series-Type: paper
repec:nys:sunysb:10-05
*(123)
An Overview on Institutionalism and Decentralized Decision-Making, An Overview on Institutionalism and Decentralized Decision-Making
Cioclea, Alexandra Ema
Abstract: Human actions, interactions and decisions should have a certain
degree of predictability that can be obtained by establishing rules.
Institutions, in general, are defined by sets of rules known by the public
and applicable for the community. Their existence is essential for the
economic activity, as it cannot develop in a vacuum. At the same time, the
type and the quality of institutions make the difference in implementing
economic aspirations of individuals and in supporting economic overall
growth. Institutions provide a minimum of regulations that in conjunction
with the particularities and the interests of individuals and communities
become the foundation for economic, political and social decision-making
processes.
JEL Codes: D23; D73; B25;
Keywords: institutions; institutionalism; decision-making; decentralization
Downloads:
http://mpra.ub.uni-muenchen.de/28427/
Discipline: economics
Series-Type: paper
repec:pra:mprapa:28427
*(124)
The limitations of markets: Background essay
Goodwin, Neva
Abstract: Business leaders and voting citizens as well as policy makers are
influenced in their decision-making by the idea that a “perfectly free”
market can produce a social optimum (a “best of all possible worlds”).
Because this idea is so influential, it is important to understand the
conditions that must be met for the theory to work. The theoretic
prediction of the optimality of market outcomes presupposes a number of
requirements, which can be grouped into three broad categories: (1) the
assumption of perfectly functioning markets; (2) market-oriented patterns
of motivation and behavior, on the part of both individuals and firms; and
(3) the universal existence and scope of markets.
JEL Codes: D0; D40;
Keywords: optimality; market imperfections; public goods; externalities; transaction costs; market power; human needs; equity
Downloads:
http://mpra.ub.uni-muenchen.de/27940/
Discipline: economics
Series-Type: paper
repec:pra:mprapa:27940
*(125)
The myth of post-reform income stagnation: Evidence from Brazil and Mexico
de Carvalho Filho, Irineu; Chamon, Marcos
Abstract: Economic policies are often judged by a handful of statistics,
some of which may be biased during periods of change. We estimate the
income growth implied by the evolution of food demand and durable good
ownership in post-reform Brazil and Mexico, and find that changes in
consumption patterns are inconsistent with official estimates of near
stagnant incomes. That is attributed to biases in the price deflator. The
estimated unmeasured income gains are higher for poorer households,
implying marked reductions in “real” inequality. These findings challenge
the conventional wisdom that post-reform income growth was low and did not
benefit the poor.
JEL Codes: D12; O10; E01; I32;
Keywords: Household consumption; Measurement Error; CPI Bias; Economic reform; Trade liberalization; Inflation stabilization.
Downloads:
http://mpra.ub.uni-muenchen.de/28532/
Discipline: economics
Series-Type: paper
repec:pra:mprapa:28532
*(126)
Low–cost fare response to new entry
Paolo Malighetti; Stefano Paleari; Renato Redondi
Abstract: This study analyzes easyJet’s fare response to new entry.
Traditionally, this stream of literature has focused on the reactions of
network carriers to competition from low–cost carriers. As low–cost
services spread, however, the number of low–cost incumbents is rising. This
paper aims to shed light on low–cost price behaviour in the European
context. The analysis is based on an original dataset composed of all fares
offered by easyJet up to 90 days before departure, on all flights during
the period 2007–2009. We focus on short–term price reactions by employing
the event study methodology. We decompose the price response into three
terms: the average fare, dynamic pricing, and fare dispersion around the
predicted price curve. Our results show that easyJet’s temporal price
discrimination tends to decrease after a new entry, especially when the new
entrant is a traditional carrier. There is also some evidence for an
average fare reduction of about 3%.
Keywords: low-cost incumbent, easyJet, fare response
Downloads:
http://dspace-unibg.cilea.it/bitstream/10446/751/1/wpIngGe10(2010).pdf
Discipline: economics
Series-Type: paper
repec:brh:wpaper:1010
*(127)
Un ensayo sobre la planificación social
César Sotomayor Valdivia
Downloads:
http://revistas.pucp.edu.pe/economia/sites/revistas.pucp.edu.pe.economia/files/images/29-30-1-Sotomayor.pdf
Discipline: economics
Series-Type: article
repec:pcp:pucrev:y:1992:i:29-30:p:9-30
*(128)
Channels Through Which Human Capital Inequality Influences Economic Growth
Amparo Castelló-Climent
Abstract: This paper empirically investigates the theoretical predictions
of some of the channels through which human capital inequality may
discourage investment and growth. In a cross-section of countries over the
period 1960-2000, findings reveal that, all other things being equal, a
greater degree of human capital inequality increases fertility rates and
reduces life expectancy, which in turn hampers the accumulation rates of
human capital. This effect is reinforced in the countries where individuals
find it difficult to access credit. Extensive sensitivity analyses show the
results are robust across specifications and are not driven by atypical
observations, endogenous regressors or unobservable heterogeneity.
JEL Codes: IO, O1, O4
Keywords: Human capital inequality, structural form, investment rates, economic growth
Downloads:
http://iei.uv.es/docs/wp_internos/RePEc/pdf/iei_1101.pdf
Discipline: economics
Series-Type: paper
repec:iei:wpaper:1101
*(129)
Características y Rendimiento de Estudiantes Universitarios. El Caso de la Facultad de Ciencias Económicas de la Universidad Nacional de La Plata.
Alberto Porto; Luciano Di Gresia
Downloads:
http://www.depeco.econo.unlp.edu.ar/doctrab/doc24.pdf
Discipline: economics
Series-Type: paper
repec:lap:wpaper:024
*(130)
House Prices,Disposable Income,and Permanent and Temporary Shocks
Patricia FRASER; Martin HOESLI; Lynn MCALEVEY
Abstract: This paper specifies a two-variable system of house prices and
income for New Zealand, the U.K. and the U.S., covering periods from 1973:4
through 2008:2. The analysis allows the identification of differences in
house price-income relationships over sub-periods and, using a SVAR
approach, compares the responses of house prices when faced with permanent
and transitory shocks to income. It continues by decomposing each
historical house price series into their permanent, temporary and
deterministic components. Our results suggest that while real house prices
have a long-run relationship with real income in all three economies, the
responsiveness of house prices to innovations in income will vary over both
time and markets depending on whether the income disturbances are viewed as
permanent or temporary. The evidence suggests that New Zealand and U.K.
housing markets are sensitive to both permanent and transitory shocks to
income, while the U.S. market reacts to temporary shocks with the permanent
component having a largely insignificant role to play in house price
composition. In New Zealand, the temporary component of house prices has
tended to be positive over time, pushing prices higher than they would have
been otherwise; while in the U.K. both permanent and temporary components
have tended to reinforce each other. Overall, there is no clear consistent
global pattern regarding the importance of these shocks which implies that
housing markets will react differently to the vagaries of global and
domestic economic activity driving such shocks.
JEL Codes: R31, E64
Keywords: House prices, permanent income shocks, temporary income shocks, SVAR approach
Downloads:
http://ssrn.com/abstract=1493144
Discipline: economics
Series-Type: paper
repec:chf:rpseri:rp0942
(131)
Наука. Инновации. Образование : альманах. Вып. 9
М. : Языки славянской культуры
Abstract: Материалы 9-го выпуска альманаха РИЭПП отражают результаты
исследований коллектива института и сотрудничающих с РИЭПП специалистов из
научных, образовательных организаций, а также организаций инновационной
сферы и сферы государственного управления. Спецификой РИЭПП является
сочетание концептуально-теоретических научных исследований и погруженности
в реальную проблематику управления развитием научно-технологического
комплекса и национальной инновационной системы.
Discipline: экономика
Series-Type: book
repec:rus:ieieli:b1384
*(132)
IPO pricing: growth rates implied in offer prices
Giordano Cogliati; Stefano Paleari; Silvio Vismara
Abstract: This paper studies the valuation of companies going public and
defines a methodology to infer the growth expectations implicit in their
IPO prices. The proposed reverse-engineered DCF model is operable by
individual investors, as it does not require access to private information
or sell-side analysts’ forecasts Applying the procedure to a sample of IPOs
in three European countries (France, Italy, and Germany), we estimate the
cash flow growth implied by offer prices and examine the bias of implied
growth in comparison to the realized. We find that the estimated growth in
cash flow is much higher than its actual realization, with the median IPO
firm overvalued at the offering by 74%. Estimation errors increase with IPO
firms’ leverage and underpricing, while decrease with age, size, and
book-to-market ratios. Further tests find that post-IPO returns are lower
for issues whose implied growth is more upward biased.
Keywords: Initial Public Offerings, DCF model, valuation, growth rates
Downloads:
http://dspace-unibg.cilea.it/bitstream/10446/600/1/WPIngGe02(2010).pdf
Discipline: economics
Series-Type: paper
repec:brh:wpaper:1002
*(133)
The Term Structure of Interest Rate as a Predictor of Inflation and Real Economic Activity: Nonlinear Evidence from Turkey, The Term Structure of Interest Rate as a Predictor of Inflation and Real Economic Activity: Nonlinear Evidence from Turkey
Omay, Tolga
Abstract: This study investigates whether the term structure of interest
rates contains useful information about future real economic activity and
inflation in Turkey during the 1991:7-2004:3 periods. In order to analyze
these relationships, we have employed the Generalized Impulse Response
(GIRF) analysis to the Logistic Smooth Transition Vector Autoregressive
(LSTVAR) model. We have determined that the results of a GIRF analysis are
consistent with the recursive Chow test and parameter stability tests.
Besides, we have found out that the relationships between spread-real
economic activity and spread-inflation are negative. These negative
relationships have also been examined by GIRF analysis; because of a
negative reverse relationship between Expectation Hypothesis and Interest
Transmission Channel, a negative correlation between real economic activity
and spread has occurred.
JEL Codes: C32; E43; C53; C15; E00; C22; E37;
Keywords: Term Structure of Interest Rates; Monetary Policy; LSTVAR; GIRF; Real Economic Activity; Inflation
Downloads:
http://mpra.ub.uni-muenchen.de/28572/
Discipline: economics
Series-Type: paper
repec:pra:mprapa:28572
*(134)
Вопросы политики валютного курса стран с переходной экономикой (на примере валютной политики Российской Федерации)
Шагалов Г.Л.
Abstract: С учетом мировой практики проведен анализ системы валютного курса
России. Показана непоследовательность применяемой системы валютного
курсообразования. Проанализированы проблемы валютного регулирования в РФ.
Сделан вывод о необходимости применения в ближайшей перспективе в
народнохозяйственной практике страны системы плавающего валютного курса.
JEL Codes: e5
Keywords: Валютный курс, конвертируемость валюты, валютное регулирование, плавающий курс, фиксированный валютный курс, национальная экономика
Downloads:
http://www.cemi.rssi.ru/mei/reports/r10-0350.htm
Discipline: экономика
Series-Type: paper
repec:rus:meirep:r10-350
*(135)
Развитие информационно-технологической инфраструктуры института (Промежуточный отчет)
Когаловский М.Р.
Abstract: В отчете обсуждаются результаты проводимых в ИПР РАН с 1996 г.
исследований и разработок, связанных с обеспечением информационной
поддержки проводимых в институте исследований, а также с развитием
электронного присутствия института во Всемирной паутине. Обсуждаются
принятые в работе подходы, а также основные этапы развития
информационно-технологической инфраструктуры института – создание
веб-сайта, разработка научной электронной библиотеки института, интеграция
ее контента в среду системы Соционет, формирование открытого архива на
основе технологии OAI, организация мониторига востребованности электронных
версий научных публикаций института с помощью наукометрических сервисов
системы Соционет.
Keywords: информационно-технологическая инфраструктура, веб-сайт, электронная библиотека, интероперабельность, технология OAI, открытый архив, инициатива открытого доступа, система Соционет, наукометрические измерения
Downloads:
http://www.cemi.rssi.ru/mei/reports/r10-0355.htm
Discipline: экономика
Series-Type: paper
repec:rus:meirep:r10-355
*(136)
Low–cost pricing strategies in leasure markets
Paolo Malighetti; Renato Redondi; Andrea Salanti
Abstract: The practice of dynamic pricing, so typical of low cost carriers,
is generally regarded as a form of price discrimination between "leisure"
and "business" travellers on the single flight or on the single route.
Across different routes, however, things may go differently. If price
increases in the last 15 days prior to departure are meant to discriminate
business demand, leisure demand should account for earlier price
variations. Working on a database including the daily fare over the 3
months prior to each flights operated by easyJet during 2009, we assign to
each route its own "leisure index", defined as the difference between the
rate of price change during the ninety days prior to departure and the one
during the last 15 days. Empirical results can be summarized by saying that
"business" routes have lower average prices per kilometre, while "leisure"
routes show a less dynamic price behaviour, with higher minimum prices and
lower maximum prices per kilometre.
Keywords: price differentiation, price discrimination, market segmentation, dynamic pricing, low cost carriers
Downloads:
http://dspace-unibg.cilea.it/bitstream/10446/705/1/WPIngGe07(2010).pdf
Discipline: economics
Series-Type: paper
repec:brh:wpaper:1007
*(137)
Reducing Greenhouse Gas Emissions by Forest Protection: The Transaction Costs of REDD
Lee J. Alston; Krister Andersson
Abstract: Understanding and minimizing the transaction costs of policy
implementation are critical for reducing tropical forest losses. As the
international community prepares to launch REDD+, a global initiative to
reduce greenhouse gas emissions from tropical deforestation, policymakers
need to pay attention to the transactions costs associated with
negotiating, monitoring and enforcing contracts between governments and
donors. The existing institutional design for REDD+ relies heavily on
central government interventions in program countries. Analyzing new data
on forest conservation outcomes, we identify several problems with this
centralized approach to forest protection. We describe options for a more
diversified policy approach that could reduce the full set of transaction
costs and thereby improve the efficiency of the market-based approach for
conservation.
JEL Codes: H11; H23; K32; K33; K41; K42; O13; O38; O43; Q15; Q2; Q23; Q24; Q34; Q38; Q49; Q54; Q58; R1; R13
Downloads:
http://www.nber.org/papers/w16756.pdf
Discipline: economics
Series-Type: paper
repec:nbr:nberwo:16756
*(138)
An Experimental Study On Real Option Strategies
Mei WANG; Abraham BERNSTEIN; Marc CHESNEY
Abstract: We conduct a laboratory experiment to study whether people in-
tuitively use real-option strategies in a dynamic investment setting. The
participants were asked to play as an oil manager and make pro- duction
decisions in response to a simulated mean-reverting oil price. Using
cluster analysis, participants can be classified into four groups, which we
label as "mean-reverting,"Brownian motion real-option," "Brownian motion
myopic real-option," and "ambiguous." We find two behavioral biases in the
strategies by our participants: ignoring the mean-reverting process, and
myopic behavior. Both lead to too frequent switches when compared with the
theoretical benchmark. We also find that the last group behaves as if they
have learned to incorpo- rating the true underlying process into their
decisions, and improved their decisions during the later stage.
JEL Codes: C91, D84, G11
Keywords: Real Option, Experimental Economics, Heterogeneity.
Downloads:
http://ssrn.com/abstract=1534506
Discipline: economics
Series-Type: paper
repec:chf:rpseri:rp0948
*(139)
Política salarial y dinámica de las remuneraciones promedio: Lima Metropolitana 1980-1990
Lucía Romero B.
Downloads:
http://revistas.pucp.edu.pe/economia/sites/revistas.pucp.edu.pe.economia/files/images/29-30-7-Romero.pdf
Discipline: economics
Series-Type: article
repec:pcp:pucrev:y:1992:i:29-30:p:229-264
*(140)
Loss Leading as an Exploitative Practice
Rey, Patrick; Chen, Zhijun
Abstract: Large retailers, enjoying substantial market power in some local
markets, often compete with smaller retailers who carry a narrower range of
products in a more efficient way. We find that these large retailers can
exercise their market power by adopting a loss-leading pricing strategy,
which consists of pricing below cost some of the products also offered by
smaller rivals, and raising the prices on the other products. In this way,
the large retailers can better discriminate multi-stop shoppers from
one-stop shoppers — and may even earn more profit than in the absence of
the more efficient rivals. Loss leading thus appears as an exploitative
device, designed to extract additional surplus from multi-stop shoppers,
rather than as an exclusionary instrument to foreclose the market, although
the small rivals are hurt as a by-product of exploitation. We show further
that banning below-cost pricing increases consumer surplus, small rivals’
profits, and social welfare. Our insights apply generally to industries
where a firm, enjoying substantial market power in one segment, competes
with more efficient rivals in other segments, and procuring these products
from the same supplier generates customer-specific benefits. They also
apply to complementary products, such as platforms and applications. There
as well, our analysis provides a rationale for below-cost pricing based on
exploitation rather than exclusion.
JEL Codes: L11, L41
Keywords: loss leading, exploitative practice, retail power
Downloads:
http://idei.fr/doc/wp/2011/losspr.pdf
Discipline: economics
Series-Type: paper
repec:ide:wpaper:24028
*(141)
India"s financial globalisation.
Shah, Ajay; Patnaik, Ila
Abstract: India embarked on reintegration with the world econ- omy in the
early 1990s. At first, a certain limited open- ing took place emphasising
equity flows by certain kinds of foreign investors. This opening has had
myriad in- teresting implications in terms of both microeconomics and
macroeconomics. A dynamic process of change in the economy and in economic
policy then came about, with a co-evolution between the system of capital
con- trols, macroeconomic policy, and the internationalisa- tion of firms
including the emergence of Indian multi- nationals. Through this process,
de facto openness has risen sharply. De facto openness has implied a loss
of monetary policy autonomy when exchange rate pegging was attempted. The
exchange rate regime has evolved towards greater flexibility.
JEL Codes: F15 ; F23 ; F32 ; F36 ; G15
Keywords: India ; Financial globalisation ; Capital controls, Capital flows
Downloads:
http://www.nipfp.org.in/newweb/sites/default/files/wp_2011_79.pdf
Discipline: economics
Series-Type: paper
repec:npf:wpaper:11/79
*(142)
Igualdad de Oportunidades e Ingreso a la Universidad Pública en la Argentina
Huberto Ennis; Alberto Porto
Downloads:
http://www.depeco.econo.unlp.edu.ar/doctrab/doc30.pdf
Discipline: economics
Series-Type: paper
repec:lap:wpaper:030
*(143)
Repeated Rounds with Price Feedback in Experimental Auction Valuation: An Adversarial Collaboration
Corrigan, Jay; Drichoutis, Andreas; Lusk, Jayson; Nayga, Rodolfo; Rousu, Matt
Abstract: It is generally thought that market outcomes are improved with
the provision of market information. As a result, the use of repeated
rounds with price feedback has become standard practice in the applied
experimental auction valuation literature. We conducted two experiments to
determine how rationally subjects behave with and without price feedback in
a second price auction. Results from an auction for lotteries show that
subjects exposed to price feedback are significantly more likely to commit
preference reversals. However, this irrationality diminishes in later
rounds. Results from an induced value auction indicate that price feedback
caused greater deviations from the Nash equilibrium bidding strategy. Our
results suggest that while bidding on the same item repeatedly improves
auction outcomes, this improvement is not the result of price feedback.
JEL Codes: D44;
Keywords: bid affiliation; posted prices; induced value experiment; preference reversals; lotteries
Downloads:
http://mpra.ub.uni-muenchen.de/28337/
Discipline: economics
Series-Type: paper
repec:pra:mprapa:28337
*(144)
Life satisfaction and self-employment: A matching approach
Martin Binder; Alex Coad
Abstract: Despite lower incomes, the self-employed consistently report
higher satisfaction with their jobs. But are self-employed individuals also
happier, more satisfied with their lives as a whole? High job satisfaction
might cause them to neglect other important domains of life, such that the
fulfilling job crowds out other pleasures, leaving the individual on the
whole not happier than others. Moreover, self-employment is often chosen to
escape unemployment, not for the associated autonomy that seems to account
for the high job satisfaction. We apply matching estimators that allow us
to better take into account the above-mentioned considerations and
construct an appropriate control group. Using the BHPS data set that
comprises a large nationally representative sample of the British populace,
we find that individuals who move from regular employment into
self-employment experience an increase in life satisfaction (up to two
years later), while individuals moving from unemployment to self-employment
are not more satisfied than their counterparts moving from unemployment to
regular employment. We argue that these groups correspond to "opportunity"
and "necessity" entrepreneurship, respectively. These findings are robust
with regard to different measures of subjective well-being as well as
choice of matching variables, and also robustness exercises involving
"simulated confounders".
JEL Codes: C21; J24; J28
Keywords: self-employment, happiness, matching estimators, unemployment, BHPS, necessity entrepreneurship Length 26 pages
Downloads:
ftp://papers.econ.mpg.de/evo/discussionpapers/2010-20.pdf
Discipline: economics
Series-Type: paper
repec:esi:evopap:2010-20
*(145)
Developing the Poorest Countries: New Ideas from the 2010 UNCTAD LDC Report
Giovanni Andrea Cornia
Abstract: In spite of 30 years of international support, the Least
Developed Countries (LDC) have become increasingly marginalized. Their
recent growth spurt was mainly driven by the pull-effect of the emerging
Asian economies. Part of the problem is that the strategies adopted in the
past to promote their development mainly emphasized on trade and aid
measures, paid little attention to the removal of domestic obstacles, and
hardly questioned the global governance system. UNCTAD"s 2010 LDC
Report addresses many of these problems. It proposes a systemic reforms of
the global regimes for trade, FDI, official finance, technology transfers
and climate change adaptation; the introduction of new measures addressing
the structural weaknesses of the LDCs; and enhanced South–South
coorperation with the fast-growing developing countries. By necessity,
UNCTAD"s Report has been selective in its approach, and has paid less
attention to a few topics that are mentioned below for future
consideration.
Downloads:
http://www.palgrave-journals.com/ejdr/journal/v23/n1/pdf/ejdr201060a.pdf
http://www.palgrave-journals.com/ejdr/journal/v23/n1/full/ejdr201060a.html
Discipline: economics
Series-Type: article
repec:pal:eurjdr:v:23:y:2011:i:1:p:12-16
*(146)
Using Genetic Algorithms to Develop Strategies for the Prisoners Dilemma
Haider, Adnan
Abstract: The Prisoner’s Dilemma, a simple two-person game invented by
Merrill Flood & Melvin Dresher in the 1950s, has been studied
extensively in Game Theory, Economics, and Political Science because it can
be seen as an idealized model for real-world phenomena such as arms races
(Axelrod 1984). In this paper, I describe a GA to search for strategies to
play the Iterated Prisoner’s Dilemma, in which the fitness of a strategy is
its average score in playing 100 games with itself and with every other
member of the population. Each strategy remembers the three previous turns
with a given player, by using a population of 20 strategies,
fitness-proportional selection, single-point crossover with Pc=0.7, and
mutation with Pm=0.001.
JEL Codes: C63; C72;
Keywords: GA; Crossover; Mutation and Fitness-proportional
Downloads:
http://mpra.ub.uni-muenchen.de/28574/
Discipline: economics
Series-Type: paper
repec:pra:mprapa:28574
*(147)
Securitization without Adverse Selection: The Case of CLOs
Efraim Benmelech; Jennifer Dlugosz; Victoria Ivashina
Abstract: For nearly a decade prior to the collapse of structured finance
markets in late 2007, securitization by collateralized loan obligations
(CLOs) was a key source of capital for the high-yield corporate loan
market. In this paper, we investigate whether securitization was associated
with risky lending in the corporate loan market by examining the
performance of individual loans held by CLOs. We employ two different
datasets that identify loan holdings for a large set of CLOs and find that
adverse selection problems in corporate loan securitizations are less
severe than commonly believed. Controlling for borrowers’ credit quality,
securitized loans perform no worse, and under some criteria even better,
than unsecuritized loans of comparable credit quality. However, within a
CLO portfolio, loans originated by the bank that acts as the CLO
underwriter underperform the rest of the loan portfolio. Overall, we argue
that the securitization of corporate loans is fundamentally different from
securitization of other assets classes because securitized loans are
fractions of syndicated loans. Therefore, mechanisms used to align
incentives in a lending syndicate also reduce adverse selection in the
choice of CLO collateral.
JEL Codes: G0; G00; G2; G20
Downloads:
http://www.nber.org/papers/w16766.pdf
Discipline: economics
Series-Type: paper
repec:nbr:nberwo:16766
(148)
Нефтяная промышленность России - сценарии сбалансированного развития. Проект
М. : ИАЦ Энергия
Abstract: Авторский коллектив: В.В. Бушуев, В.А. Крюков, В.В. Саенко, В.Ю.
Силкин, А.Н. Токарев, Ю.К. Шафраник, В.В. Шмат. Рассмотрено современное
состояние нефтяной промышленности России, сделан прогноз развития отрасли
до 2030 года. Определены параметры развития нефтяной отрасли (объемы
добычи, переработки нефти и попутного газа, транспортировки нефти и
нефтепродуктов, прогноз потребности в капитальных вложениях на
реконструкцию и развитие производственных мощностей). Выявлены основные
проблемы, препятствующие эффективному развитию нефтяной отрасли.
Представлены предложения по механизмам государственного регулирования, меры
по стимулированию развития нефтяной отрасли. Стратегия развития
нефтегазовой промышленности России, скоординированная с утвержденной
Правительством РФ Энергетической стратегией (ЭС-2030), может служить базой
для формирования Генеральной схемы развития нефтяной отрасли. В свою
очередь, основные положения Генеральной схемы могут использоваться органами
государственной власти РФ и регионов в рамках разработки и реализации мер
государственного регулирования и стимулирования в сфере
топливно-энергетического комплекса, а также при подготовке региональных
энергетических программ. Ориентиры Нефтяной стратегии и Генеральной схемы
могут использоваться нефтегазовыми компаниями при разработке своих
стратегических планов развития.
Discipline: экономика
Series-Type: book
repec:rus:ieieli:b1367
*(149)
Banks" risk race: A signaling explanation
Radu Vranceanu; Damien Besancenot
Abstract: Many observers argue that the abnormal accumulation of risk by
banks has been one of the major causes of the 2007-2009 financial turmoil.
But what could have pushed banks to engage in such a risk race? The answer
brought by this paper builds on the classical signaling model by Spence. If
banks" returns can be observed while risk cannot, less efficient banks
can hide their type by taking more risks and paying the same returns as the
efficient banks. The latter can signal themselves by taking even higher
risks and delivering bigger returns. The game presents several equilibria
that are all characterized by excessive risk taking as compared to the
perfect information case.
Keywords: Banking Sector ; Imperfect Information ; Risk Strategy ; Risk/return Tradeoff ; Signaling
Downloads:
http://hal-essec.archives-ouvertes.fr/docs/00/55/47/19/PDF/09007_Vranceanu.pdf
Discipline: economics
Series-Type: paper
repec:hal:journl:hal-00554719
*(150)
Población y medio ambiente: una parábola sobre la leña y otras historias
Marc Nerlove; Anke Meyer
Downloads:
http://revistas.pucp.edu.pe/economia/sites/revistas.pucp.edu.pe.economia/files/images/29-30-2-Nerlove-Meyer.pdf
Discipline: economics
Series-Type: article
repec:pcp:pucrev:y:1992:i:29-30:p:31-76
*(151)
An Experimental Study On Real Option Strategies
Mei WANG; Abraham BERNSTEIN; Marc CHESNEY
Abstract: We conduct a laboratory experiment to study whether people in-
tuitively use real-option strategies in a dynamic investment setting. The
participants were asked to play as an oil manager and make pro- duction
decisions in response to a simulated mean-reverting oil price. Using
cluster analysis, participants can be classified into four groups, which we
label as \mean-reverting," \Brownian motion real-option," \Brownian motion
myopic real-option," and \ambiguous." We find two behavioral biases in the
strategies by our participants: ignoring the mean-reverting process, and
myopic behavior. Both lead to too frequent switches when compared with the
theoretical benchmark. We also find that the last group behaves as if they
have learned to incorpo- rating the true underlying process into their
decisions, and improved their decisions during the later stage.
JEL Codes: C91, D84, G11
Keywords: Real Option, Experimental Economics, Heterogeneity.
Downloads:
http://ssrn.com/abstract=1534506
Discipline: economics
Series-Type: paper
repec:chf:rpseri:rp0950
*(152)
Equity Issuance and Divident Policy under Commitment
Alexis Anagnostopoulos; Eva Carceles-Poveda; Albert Marcet
Abstract: This paper studies a model of corporate finance in which firms
use stock issuance to finance investment. Since the firm recognizes the
relationship between future dividends and stock prices, future variables
enter in the constraints and optimal policy is in general time
inconsistent. We discuss the nature of time inconsistency and show that it
arises because managers promise to incorporate value maximization gradually
into their objective function. This shows how one could change managers
incentives in order to enforce the optimal contract under full commitment.
We then characterize several cases where time consistency arises and we
study different examples where policy is time inconsistent. This allows us
to address some outstanding issues in the literature about dividend policy
and equity issuance. In particular, our results suggest that growing firms
that can credibly commit will pay lower dividends at the beginning and
promise higher dividends in the future, consistent with empirical evidence.
Our results also suggests that compensation that is tied to stock options
creates incentives to inflate prices and pay lower dividends. This is
consistent with the empirical evidence of increased stock option
compensation and payout through repurchases instead to dividends during the
last decades.
JEL Codes: E44, G32
Keywords: Stock Issuance; time inconsistency; dividend policy
Downloads:
http://www.stonybrook.edu/economics/research/papers/2010/dividends.pdf
Discipline: economics
Series-Type: paper
repec:nys:sunysb:10-07
*(153)
Investigation of Cobalt Solubilities from Pyrite Cinder fn Sulphuric Acid Solution
Mustafa Akdağ
Abstract: Cobalt is an important metal which is being used in advanced
technologies such as alloying and electronic industry; as well as in
painting and ceramics. This paper attempts to research the possible ways of
transferring possibilities of cobalt from calcine which is obtained as a
waste from roasting pyrite concentrates.
JEL Codes: E62
Keywords: cobalt, Pyrite Cinder, Sulphuric Acid Solution
Downloads:
http://journal.ibsu.edu.ge/index.php/ibsusj/article/download/68/56
Discipline: economics
Series-Type: article
repec:ibl:journl:v:2:y:2008:i:2:p:121-126
*(154)
The Problem of Moral Hazard and Effects of Deposit Insurance Project
Sophio Khundadze
Abstract: The paper focuses on the significance of deposit insurance
program for the financial system stability and smooth operation of the
economy. The issue is very substantial for Georgian banking system, which
remains to be the only industry all over the post Soviet area without
deposit insurance mechanism in place. Georgian banking system lacks the
confidence level of its customers, that probably can be restored by
imposition of deposit insurance program. The article compares discussions
of different experts and their empirical studies arguing whether or not
deposit insurance undermines or promotes banking stability. But the
experience shows that it, if carefully and properly designed, facilitates
additional economic stability, though the last attempt to implement the
program in Georgia failed. The article presents the terms of the project
elaborated by the National Bank of Georgia and Financial Committee, and
gives some proposals needed to perfect the program taking into
consideration the recommendations of different experts.
JEL Codes: G21
Keywords: Deposit Insurance
Downloads:
http://journal.ibsu.edu.ge/index.php/ibsusj/article/download/81/92
Discipline: economics
Series-Type: article
repec:ibl:journl:v:3:y:2009:i:2:p:89-114
*(155)
A Qualitative Analysis of Policymaking on the Food Price Crisis in the Andean Region: Preparing for the Next Crisis
José Cuesta
Abstract: The article argues that the question of what are the most
effective policies to address the food price crisis remains largely
unanswered, despite the huge analytical effort to understand its causes and
consequences. Partly, this is because instruments of policy analysis are
based either on a description of interventions, lacking any assessment of
the merits of the policy, or on sophisticated, country-specific
quantitative analyses sensitive to assumptions and data limitations. The
article uses an intermediate analytical tool that is flexible yet relevant
to investigate potential impacts of interventions across key policy
dimensions: coverage, fiscal impact, efficiency and sustainability. The
exercise is applied to interventions adopted by the Andean countries to
address the food price crisis. It concludes that they are far from adopting
a ‘desirable’ set of interventions.Le présent article soutient que la
question de la politique la plus efficace pour faire face à la crise des
prix alimentaires reste en grande partie sans réponse, malgré les nombreux
efforts analytiques déployés pour comprendre ses causes et conséquences.
Ceci s’explique, en partie, par le fait que les outils d’analyse des
politiques reposent soit sur une description des interventions, omettant
d’évaluer les mérites de ces politiques, soit sur des analyses
quantitatives sophistiquées et spécifiques à chaque pays et donc sensibles
aux hypothèses et aux insuffisances concernant les données. Cet article
mobilise un outil analytique intermédiaire flexible mais pertinent pour
examiner les impacts potentiels des interventions, au travers de dimensions
de politiques clés: couverture, impact fiscal, efficience et durabilité.
Nous appliquons cette démarche aux interventions mises en œuvre par les
pays andins pour répondre à la crise des prix alimentaires, et concluons
que ces pays n’ont pas sélectionné l’ensemble le plus ‘souhaitable’
d’interventions, loin s’en faut.
Downloads:
http://www.palgrave-journals.com/ejdr/journal/v23/n1/pdf/ejdr201062a.pdf
http://www.palgrave-journals.com/ejdr/journal/v23/n1/full/ejdr201062a.html
Discipline: economics
Series-Type: article
repec:pal:eurjdr:v:23:y:2011:i:1:p:72-93
*(156)
Currency and Financial Crises of the 1990s and 2000s
Assaf Razin; Steven Rosefielde
Abstract: We survey three distinct types of financial crises which took
place in the 1990s and the 2000s: 1) the credit implosion leading to severe
banking crisis in Japan; 2) The foreign reserves’ meltdown triggered by
foreign hot money flight from frothy economies with fixed exchange rate
regimes of developing Asian economies, and 3) The 2008 worldwide debacle
rooted in financial institutional opacity and reckless aggregate demand
management, epi-centered in the US, that spread almost instantaneously
across the globe, mostly through international financial networks.
JEL Codes: E02; F3; N1
Downloads:
http://www.nber.org/papers/w16754.pdf
Discipline: economics
Series-Type: paper
repec:nbr:nberwo:16754
(157)
Макроэкономическая динамика северных регионов России
Сыктывкар
Abstract: Рассмотрены теоретические, методологические и методические
вопросы пространственного развития экономики. Исследована динамика и
трансформация экономического пространства зоны Севера. Выявлена степень
дифференциации и выделены кластеры северных регионов по уровням
экономического, социального, социально-экономического развития,
научно-инновационного потенциала и определены основные направления
государственной региональной политики для каждого из них. На основе
валового муниципального продукта определен уровень экономического развития
муниципальных образований Республики Коми. Дана оценка эффективности
управления финансовыми ресурсами промышленных предприятий республики,
выделены типы и предложены меры повышения эффективности их управления.
Книга представляет интерес для специалистов в области региональной
экономики и региональной социально-экономической политики. Библиогр. 138
назв. Ил. 39. Табл. 62.
Discipline: экономика
Series-Type: book
repec:rus:ieieli:b1382
*(158)
The Effects of Culture on the Leadership Style in Georgia
Nino Tkeshelashvili
Abstract: Differences in leadership styles do exist across cultures and
nationalities as revealed in the literature on culture and culture"s
influence on the leadership processes. Leadership style plays an important
role in shaping the behavior and attitudes of the members of an
organization. This research attempts to investigate the culture dimensions
of Georgia and their effect on the dominating leadership style in this
country. The research was based on Implicit Leadership Theory. It consists
of interviews, literature review, participant and unobtrusive observations,
and questionnaire-based data collection. Quantitative data were collected
from a total of 160 employees of different organizations and profession.
Correlation analysis was done to find out relationship between culture and
leadership dimensions of Georgia. The results indicate that the Georgians
view their society as high in In-group Collectivism, Assertiveness, and
Power Distance cultural dimensions. These results make Georgia close to
Easter European countries cluster according to the GLOBE study. Employees
observe the dominant leadership style in Georgia as Middle-of-the-road
Leadership though according to culture dimensions results it should be
close to Authority-Compliance Leadership. Correlation analysis revealed
that high In-group Collectivism culture dimension is more influential in
workplaces than high Assertiveness and Power distance culture dimensions.
Because of this effect Employee Orientation variable is higher than was
expected.
JEL Codes: I20
Keywords: Culture, Leadership, Culture dimensions, Leadership behavior, Production Orientation, Employee Orientation
Downloads:
http://journal.ibsu.edu.ge/index.php/ibsusj/article/download/130/94
Discipline: economics
Series-Type: article
repec:ibl:journl:v:3:y:2009:i:2:p:115-129
*(159)
The 2010 UNCTAD Least Developed Countries Report – Towards a New Development Architecture for LDCs
Dennis Rodgers
Downloads:
http://www.palgrave-journals.com/ejdr/journal/v23/n1/pdf/ejdr201058a.pdf
http://www.palgrave-journals.com/ejdr/journal/v23/n1/full/ejdr201058a.html
Discipline: economics
Series-Type: article
repec:pal:eurjdr:v:23:y:2011:i:1:p:1-2
*(160)
The Hotelling-Downs Model with Runoff Voting
Sandro Brusco; Marcin Dziubinski; Jaideep Roy
Abstract: We consider the Hotelling-Downs model with n >= 2 oce seeking
candidates and runo voting. We show that Nash equilibria in pure strategies
always exist and that there are typically multiple equilibria, both
convergent (all candidates are located at the median) and divergent
(candidates locate at distinct positions), though only divergent equilibria
are robust to free entry. Moreover, two-policy equilibria exist under any
distribution of voters" ideal policies, while equilibria with more
than two policies exist generically but under restrictive conditions that
we characterize. In this sense, our analysis suggests that two-policy
equilibria are the most prominent outcomes.
JEL Codes: J61, J70, J31, I20., D01, D03, D70.
Keywords: Downs, Free Entry, Runoff System, Equilibrium
Downloads:
http://www.stonybrook.edu/economics/research/papers/2010/BDR20100901-1.pdf
Discipline: economics
Series-Type: paper
repec:nys:sunysb:10-02
*(161)
Educación, capital humano y crecimiento económico: el caso de América Latina
Marco E. Terrones; César Calderón
Downloads:
http://revistas.pucp.edu.pe/economia/sites/revistas.pucp.edu.pe.economia/files/images/31-2-Terrones-Calderon.pdf
Discipline: economics
Series-Type: article
repec:pcp:pucrev:y:1993:i:31:p:23-70
*(162)
Save the World in a Week: Volunteer Tourism, Development and Difference
Barbara Vodopivec; Rivke Jaffe
Abstract: Des formes de tourisme alternatif telles que l’éco-tourisme
deviennent de plus en plus importantes, tant dans les débats que les
pratiques de développement. Cet article s’intéresse au volontariat
international, un type de tourisme particulier qui se déroule dans le cadre
de projets de développement variés dans les pays en voie de développement.
Cette forme de ‘tourisme pour le développement’ devient de plus en plus
populaire parmi les jeunes des pays développés. Nous soutenons que cette
forme de tourisme reflète et contribue à une nouvelle logique de
développement. Ce type de voyage peut être vu comme une forme particulière,
néolibérale de développement, dans laquelle celui-ci est non seulement
privatisé, mais est aussi présenté comme un produit commercialisable. Nous
examinons de manière critique ce processus de volontariat, ainsi que les
interactions qui en découlent, en nous penchant particulièrement sur la
question de la commercialisation du développement et des différences
culturelles.
Downloads:
http://www.palgrave-journals.com/ejdr/journal/v23/n1/pdf/ejdr201055a.pdf
http://www.palgrave-journals.com/ejdr/journal/v23/n1/full/ejdr201055a.html
Discipline: economics
Series-Type: article
repec:pal:eurjdr:v:23:y:2011:i:1:p:111-128
*(163)
Gender and Corruption: Lessons from Laboratory Corruption Experiments
Björn Frank; Johann Graf Lambsdorff; Frédéric Boehm
Abstract: Reliable microdata on corrupt behavior are hard to obtain in the
field, and available field data are hard to interpret. Laboratory
corruption experiments have therefore recently gained in popularity, and
those that shed light on gender effects are surveyed in this article. The
tentative main result is this: if women are involved in a potentially
corrupt transaction, it is more likely to fail. The reason is not that
women are intrinsically more honest, but that they are more opportunistic
when they have the chance to break an implicitly corrupt contract and less
engaged in retaliating nonperformance. The survey closes with tentative
implications for development policy.Les micro-données fiables sur les
comportements de corruption sont difficiles à recueillir sur le terrain, et
les données de terrain disponibles sont difficilement interprétables. Les
expériences en laboratoire sur la corruption gagnent donc, depuis quelques
temps, en popularité. Celles qui mettent en lumière les effets de genre
sont examinées dans cet article. Un premier constat provisoire est celui
ci: Si des femmes sont impliquées dans une transaction potentiellement
frauduleuse, la probabilité d’échec de cette dernière est plus élevée. La
raison n’en n’est pas que les femmes sont intrinsèquement plus honnêtes,
mais plutôt qu’elles sont plus opportunistes lorsqu’il s’agit de rompre un
contrat teinté de corruption et moins enclines à réagir face à des
performances insatisfaisantes. L’étude conclut en décrivant des
implications possibles pour les politiques de développement.’
Downloads:
http://www.palgrave-journals.com/ejdr/journal/v23/n1/pdf/ejdr201047a.pdf
http://www.palgrave-journals.com/ejdr/journal/v23/n1/full/ejdr201047a.html
Discipline: economics
Series-Type: article
repec:pal:eurjdr:v:23:y:2011:i:1:p:59-71
*(164)
Calibration of the subdiffusive arithmetic Brownian motion with tempered stable waiting-times, Calibration of the subdiffusive arithmetic Brownian motion with tempered stable waiting-times
Sebastian , Orzeł; Agnieszka, Wyłomańska
Abstract: In the classical analysis many models used to real data
description are based on the standard Brownian diffusion-type processes.
However, some real data exhibit characteristic periods of constant values.
In such cases the popular systems seem not to be applicable. Therefore we
propose an alternative approach, based on the combination of the popular
arithmetic Brownian motion and tempered stable subordinator. The
probability density function of the proposed model can be described by a
Fokker-Planck type equation and therefore it has many similar properties as
the popular arithmetic Brownian motion. In this paper we propose the
estimation procedure for the considered tempered stable subdiffusive
arithmetic Brownian motion and calibrate the analyzed process to the real
financial data.
JEL Codes: C01;
Keywords: Subdiffusion; Tempered stable distribution; Calibration
Downloads:
http://mpra.ub.uni-muenchen.de/28593/
Discipline: economics
Series-Type: paper
repec:pra:mprapa:28593
(165)
Большая Российская энциклопедия : в 30 т. Т. 15 : Конго - Крещение
М. : Большая Рос. энц.
Abstract: Большая Российская энциклопедия - фундаментальное
энциклопедическое издание, характеризующее природу, население, экономику,
историю, науку, искусство, технику и другие важные аспекты современного
состояния и прошлого мировой цивилизации. В подготовке энциклопедии
принимают участие ведущие отечественные и зарубежные ученые.
Discipline: экономика
Series-Type: book
repec:rus:ieieli:95695
*(166)
Export versus FDI in services
Bhattacharya, Rudrani; Patnaik, Ila; Shah, Ajay
Abstract: In the literature on exports and investment, most productive
firms are seen to invest abroad. In the Helpman et al. (2004) model, costs
of transportation play a critical role in the decision about whether to
serve foreign customers by exporting, or by producing abroad. We consider
the case of tradable services, where the marginal cost of transport is near
zero. We argue that in the purchase of services, buyers face uncertainty
about product quality, especially when production is located far away. Firm
optimisation then leads less productive firms to self-select themselves for
FDI. We test this prediction with data from the Indian software industry,
and find support for it.
Downloads:
http://www.nipfp.org.in/newweb/sites/default/files/wp_2011_77.pdf
Discipline: economics
Series-Type: paper
repec:npf:wpaper:11/77
*(167)
Reforming the Indian financial system.
Shah, Ajay; Patnaik, Ila
Downloads:
http://www.nipfp.org.in/newweb/sites/default/files/wp_2011_80.pdf
Discipline: economics
Series-Type: paper
repec:npf:wpaper:11/80
*(168)
Red, Blue, and the Flu: Media Self-Selection and Partisan Gaps in Swine Flu Vaccinations
Baum, Matthew A.
Abstract: This study assesses the relationship between political
partisanship and attitudes and behavior with respect to the Swine Flu
crisis of 2009 in general, and the U.S. mass vaccination program in
particular. I argue that even seemingly non-partisan political issues like
public health are increasingly characterized by partisan polarization in
public attitudes, and that such polarization is in part attributable, at
least in part, to the breakdown of the information commons that
characterized the American mass media from roughly the 1950s until the
early 1990s. In its place has arisen an increasingly fragmented and
niche-oriented media marketplace in which individuals are better able to
limit their information exposure to attitudes and opinions that reinforce,
rather than challenge, their preexisting beliefs. I test my argument
against a variety of data sources, including opinion surveys and state
level Swine Flu vaccination rate data.
Downloads:
http://www.hks.harvard.edu/fs/mbaum/documents/swineflupaper.pdf
Discipline: economics
Series-Type: paper
repec:ecl:harjfk:rwp11-010
*(169)
Relative Concerns of Rural-to-Urban Migrants in China
AKAY Alpaslan; BARGAIN Olivier; ZIMMERMANN Klaus F.
Abstract: How the income of "relevant others" a¤ects well-being has
received renewed interest in the recent literature using subjective data.
Migrants constitutes a particularly interesting group to study this
question: as they changed environment, they are likely to be concerned by
several potential reference groups including the people "left behind",
other migrants and "natives". We focus here on the huge population of
rural-to-urban migrants in China. We exploit a novel dataset that comprises
samples of migrants and urban people living in the same cities, as well as
rural households mostly surveyed in the provinces where migrants are coming
from. After establishing these links, we ?nd that the well-being of
migrants is largely affected by relative concerns: results point to
negative relative concerns toward other migrants and workers of home
regions ?this status e¤ect is particularly strong for migrants who wish to
settle permanently in cities. We ?nd in contrast a positive relative income
e¤ect vis-à-vis the urban reference group, interpreted as a signal e¤ect:
larger urban incomes indicate higher income prospects for the migrants. A
richer pattern is obtained when sorting migrants according to the duration
of stay, expectations to return to home countries and characteristics
related to family circumstances, work conditions and community ties.
JEL Codes: C90; D63
Keywords: China; relative concerns; well-being
Downloads:
http://www.ceps.lu/pdf/11/art1620.pdf
Discipline: economics
Series-Type: paper
repec:irs:cepswp:2011-12
*(170)
Dispensing practices and antibiotic use
Massimo Filippini; Giuliano Masiero; Karine Moschetti
Abstract: Regulation of prescription and dispensing of antibiotics has a
twin purpose: to enhance access to antibiotic treatment and to reduce
inappropriate use of drugs. Nevertheless, incentives on antibiotics to
dispensing physicians may lead to inefficiencies. We sketch a theoretical
model of the market for antibiotic treatment and empirically investigate
the impact of self-dispensing on antibiotic consumption by means of spatial
econometric estimators. The investigation exploits data from small
geographic areas in a country where both regimes - with and without
dispensing physicians - are possible. We find evidence that dispensing
practices increase antibiotic use after controlling for determinants of
demand and access, and spatial effects. This suggests that health
authorities have a margin to adjust economic incentives on dispensing
practices in order to reduce antibiotic misuse.
Keywords: Physician dispensing, Prescribing behaviour, Antibiotic use
Downloads:
http://dspace-unibg.cilea.it/bitstream/10446/695/1/WPIngGe06(2010).pdf
Discipline: economics
Series-Type: paper
repec:brh:wpaper:1006
*(171)
From outer circle to center stage: The maturation of heterodox economics
Goodwin, Neva; Harvey (eds), John; Garnett (eds), Rob
Abstract: This is chapter 2 of the book "Future Directions in Heterodox
Economics" by John T. Harvey and Robert F. Garnett, Jr., Editors. The inner
circle of neoclassical economics has limited its horizons, increasing the
scope for heterodox economists to claim ever more of the most important
issues. Two values contend for primacy: being scientific, and being
relevant. These need not—and should not—be in conflict; an important goal
for economics in the future is to bring them into better harmony.
JEL Codes: B0; B50;
Keywords: Heterodox economics; contextual economics; neoclassical theory; economic goals; history of economic thought
Downloads:
http://mpra.ub.uni-muenchen.de/27905/
Discipline: economics
Series-Type: paper
repec:pra:mprapa:27905
*(172)
An assessment model to evaluate supply chain resiliency: application in the assembly industry
Juri Gualandris; Matteo Kalchschmidt
Abstract: In the last few years, many authors have addressed the topic of
supply chain vulnerability. The main limitation of the current body of
literature is its scarce use of empirical evidence. In addition, only
limited attention has been paid to how companies actually respond to risk.
This work aims to further develop our understanding of how companies
maintain their resiliency. Specifically, this paper will present an
assessment model for evaluating the extent to which companies implement
risk mitigation practices. The development process for the model involved
two steps. First, based on a literature review, a draft of the assessment
model was designed and operationalised via a questionnaire. Then, to
evaluate the validity of the model, five case studies were conducted. The
model allows us to evaluate the firms’ ability to reduce their
vulnerability and it will also allow us to identify when specific practices
are most applicable.
Keywords: supply chain resiliency, supply chain risk management, risk assessment
Downloads:
http://dspace-unibg.cilea.it/bitstream/10446/621/1/WPIngGe03(2010).pdf
Discipline: economics
Series-Type: paper
repec:brh:wpaper:1003
*(173)
Determinants of Poverty in Elderly-Headed Households in the Philippines
Mapa, Dennis S.; Bersales , Lisa Grace S.; Albis, Manuel Leonard F.; Daquis , John Carlo P.
Abstract: This paper looks at the impact of population dynamics on poverty
in elderly-headed households in the Philippines using data from the Family
Income and Expenditure Survey (FIES) from 2000 to 2006. The population of
the elderly, or those 60 years and above, has increased from 3.2 million in
1990 to 4.6 million in 2000. This group is growing at a rate of 3.6% per
annum and estimated to reach 7 million in 2010. Data from the FIES shows
that the percentage of the elderly who are poor is increasing since 2003.
Moreover, the percentage of elderly-headed household belonging to the
poorest 10% of all households has been on the rise since 1997. An
econometric model based on the logistic regression shows that the presence
of a young dependent (aged 14 years old or below) increases the probability
that the elderly-headed household will become poor by about 9 percentage
points, controlling for other factors such as income of the household,
education, age and gender of the household head, income transfer from
abroad and regional-specific characteristics. The results of the
econometric model suggest that the high proportion of young dependents
create negative effects on the welfare of the elderly-headed household by
increasing the probability of that household being poor. From the point of
view of policy, addressing the alarming poverty incidence in the country
must include measures that will manage the country’s bourgeoning population
and bring down the fertility rate to a level that is conducive to higher
income growth.
JEL Codes: J13; J14; I32;
Keywords: elderly; population dynamics; poverty
Downloads:
http://mpra.ub.uni-muenchen.de/28557/
Discipline: economics
Series-Type: paper
repec:pra:mprapa:28557
*(174)
Imprecision of Central Bank Announcements and Credibility
Daniel Laskar
Abstract: We consider a model where the central bank faces a credibility
problem in its announcements, but also cares about its credibility and,
therefore, wants to make truthful announcements. We show that, although the
central bank would be able to perfectly transmit its information to the
private sector through precise announcements, the central bank may
nonetheless prefer to make imprecise announcements. This choice of the
central bank would be suboptimal from the point of view of society.
However, if the central bank gives enough weight to making truthful
announcements, this suboptimality disappears, because the central bank
would then prefer precise announcements to imprecise announcements.
Keywords: central bank transparency; central bank announcements; imprecise announcements; credibility
Downloads:
http://halshs.archives-ouvertes.fr/docs/00/56/25/95/PDF/wp201044.pdf
Discipline: economics
Series-Type: paper
repec:hal:wpaper:halshs-00562595
*(175)
The Effects of Automobile Recalls on the Severity of Accidents
Hugo Benitez-Silva; Yong-Kyun Bae
Abstract: The number of automobile recalls in the U.S. has substantially
increased over the last two decades, and after a record of over 30 million
cars recalled in 2004, in the last few years it has consistently reached
between 15 and 17 million, and in 2009 alone 16.4 million cars were
recalled. Toyota"s recall crisis in 2010 illustrates how recalls can
affect a large number of American drivers and the defects connected to them
can result in loss of life and serious accidents. However, in spite of the
increase in public concern over recalls and the loss of property and life
attached to them, there is no empirical evidence of the effect of vehicle
recalls on safety. This paper investigates whether vehicle recalls reduce
accidental harm measured by the severity of injuries in vehicle accidents.
The results of our analysis show that if a recall for a new-year model is
issued, then the severity of injuries of accidents continuously diminishes
during the rst year after the recall, something we do not nd among cars not
subject to recalls. This is because defects are repaired over time but also
because drivers react by driving more carefully until the defects are
fixed. To minimize the losses attached to having dangerously defective cars
on our roads, both quick and timely recall issuance are needed and more
detailed information on defects should be delivered to owners of defective
vehicles. The latter can be made possible through simple but important
policy changes by the U.S. government regarding recall information sharing
with drivers and insurance companies.
JEL Codes: L51, L62
Keywords: Automobile Recalls, Safety Regulation, Vehicle Defects, Car Accidents.
Downloads:
http://ms.cc.sunysb.edu/~hbenitezsilv/RecallsandSeverity2010.pdf
Discipline: economics
Series-Type: paper
repec:nys:sunysb:10-03
*(176)
Binomial menu auctions in government formation
Breitmoser, Yves
Abstract: In a menu auction, players submit bids for all choices the
auctioneer A can make, and A then makes the choice that maximizes the sum
of bids. In a binomial menu auction (BMA), players submit acceptance sets
(indicating which choices they would support), and A chooses the option
that maximizes his utility subject to acceptance of the respective players.
Monetary transfers may be implicit, but players may also bid by offering
"favors" and the like. BMAs provide a unified representation of both
monetary and non-monetary bidding, which I apply to model government
formation. First, I analyze general BMAs, characterize the solution under
complete information and establish outcome uniqueness (for both, sealed bid
and Dutch formats). Second, in case monetary transfers are possible, BMAs
are shown to implement VCG mechanisms. Finally, in case transfers are
impossible, BMAs extend the model of proto-coalition bargaining and are
specifically applied to government formation.
JEL Codes: C78; D44; C72;
Keywords: menu auction; demand commitment; proto-coalition bargaining; VCG mechanism
Downloads:
http://mpra.ub.uni-muenchen.de/28576/
Discipline: economics
Series-Type: paper
repec:pra:mprapa:28576
*(177)
Evaluating State Performance: A Critical View of State Failure and Fragility Indexes
Francisco Gutiérrez Sanín
Abstract: The article criticizes poor state performance (PSP) indexes, that
is to say, cross-national data sets that mark or rank contemporary states
according to their performance. In particular, I claim that current indexes
provide very little genuine information about performance orderings. The
criticism focuses on ‘structural’ PSP problems: those that cannot be
circumvented, have no obvious solution, and generally stem from the very
nature of the exercise. I suggest that there is a generalized failure to
acknowledge, let alone solve, in all three stages of index building –
conceptualization, codification/operationalization, aggregation –
fundamental issues including defining, dealing with intrinsic ambiguity,
and with lack of complete order in the informational domain (that is, the
database).Cet article est une critique des indicateurs de mauvaise
performance de l′État, c′est à dire des ensembles de données nationales
transversales qui classent les États contemporains en fonction de leurs
performances. En particulier, je soutiens que les indicateurs utilisés
actuellement fournissent très peu de réelles informations concernant les
classifications des performances. Notre critique est centrée sur les
problèmes «structurels» qui caractérisent ces indicateurs: ceux qui sont
inévitables, n′ont pas de solutions évidentes, et résultent en général de
la nature même de l′exercice. Je considère qu′on néglige généralement de
reconnaître, et par conséquent de résoudre – lors des trois phases de
construction des indicateurs (conceptualisation,
codification/opérationalisation, et agrégation) – certains problèmes
fondamentaux liés, notamment, à l′ambiguïté intrinsèque au domaine
informationnel et au manque d′ordre qui caractérise ce dernier.
Downloads:
http://www.palgrave-journals.com/ejdr/journal/v23/n1/pdf/ejdr201053a.pdf
http://www.palgrave-journals.com/ejdr/journal/v23/n1/full/ejdr201053a.html
Discipline: economics
Series-Type: article
repec:pal:eurjdr:v:23:y:2011:i:1:p:20-42
*(178)
Trade and Colonial Status
José De Sousa; Julie Lochard
Abstract: Does colonisation explain differences in trade performance across
developing countries? In this paper, we analyse the differential impact of
British versus French colonial legacies on the current trade of African
ex-colonies. We initially find that former British colonies trade more, on
average, than do their French counterparts. This difference might be the
result of the relative superiority of British institutions. However, a core
concern is the non-random selection of colonies by the British. Historians
argue that with Britain, trade preceded colonisation. Using an instrument
based on colonisation history to control for this endogeneity, we find no
evidence of a systematic difference between the British and French colonial
legacies with respect to trade. This finding suggests that the apparent
better performance of British ex-colonies might be instead explained by
pre-colonial conditions.
JEL Codes: F10, F54, O55
Keywords: Trade, colonisation, Africa
Downloads:
http://www.rennes.inra.fr/smart/content/download/3420/35789/version/1/file/WP10.12.pdf
Discipline: economics
Series-Type: paper
repec:rae:wpaper:201012
*(179)
Discounting in Mortgage Markets
Jason Allen; Robert Clark; Jean-François Houde
Abstract: This paper studies discounting in mortgage markets. Using
transaction-level data on Canadian mortgages, we document that over time
theres been an increase in the average discount, along with substantial
dispersion. The standard explanation for dispersion in credit markets is
that lenders engage in risk-based pricing. Our setting is unique since
contracts are guaranteed by government-backed insurance, meaning risk
cannot be the main driver of dispersion. We find that mortgage rates depend
on individual, contractual, and shopping market characteristics. There is
also an important amount of unobserved heterogeneity in rates, which could
be attributed to search costs.
JEL Codes: D4, G21, L0
Keywords: Financial institutions; Financial services
Downloads:
http://www.bankofcanada.ca/en/res/wp/2011/wp11-3.pdf
Discipline: economics
Series-Type: paper
repec:bca:bocawp:11-3
*(180)
Unpacking Knowing Integration: A Practice-based Study in Haute Cuisine
Marie-Léandre Gomez; Isabelle Bouty
Abstract: Nous proposons d"analyser l"intégration des
connaissances à la source d"un avantage concurrentiel avec une
approche pratique des organisations. Alors que la littérature s"est
focalisée sur le transfert de connaissances et les relations entre
communautés par le biais des objets frontière, nous considérons les
relations intra-communauté et la façon dont les acteurs mobilisent,
restructurent et créent des connaissances pour l"action. Dans une
perspective pratique, la dynamique des connaissances est un phénomène situé
dans un contexte social donné. Nous nous appuyons sur une phase empirique
qualitative, par l"analyse de l"intégration des connaissances
lors de la création de nouveaux plats au sein des équipes de cuisiniers de
restaurants tri-étoilés.
Keywords: Apprentissage ; Avantage concurrentiel ; Connaissance ; Créativité ; Gastronomie ; Integration ; Transfert
Downloads:
http://hal-essec.archives-ouvertes.fr/docs/00/55/47/45/PDF/09009_Gomez.pdf
Discipline: economics
Series-Type: paper
repec:hal:journl:hal-00554745
*(181)
Accounting for the dead in the longitudinal analysis of income-related health inequalities
Petrie , Dennis; Allanson, Paul; Gerdtham, Ulf-G
Abstract: This paper develops an accounting framework to consider the
effect of deaths on the longitudinal analysis of income-related health
inequalities. Ignoring deaths or using inverse probability weights to
re-weight the sample for mortality-related attrition can produce misleading
results. Incorporating deaths into the longitudinal analysis of
income-related health inequalities provides a more complete picture in
terms of the evaluation of health changes in respect to socioeconomic
status. We illustrate our work by investigating health mobility from 1999
till 2004 using the British Household Panel Survey (BHPS). When deaths are
explicitly incorporated into the analysis it is found that over this five
year period the relative health changes were significantly regressive such
that the poor experienced a larger share of the health losses relative to
their initial share of health and a large amount of this was related to
mortality.
JEL Codes: D39; D63; I18
Keywords: QALYs; income-related health inequality; mobility analysis; longitudinal data; inverse probability weights
Downloads:
http://www.nek.lu.se/publications/workpap/papers/WP11_9.pdf
Discipline: economics
Series-Type: paper
repec:hhs:lunewp:2011_009
(182)
The EU ETS and Firm Profits: An Ex-post Analysis for Swedish Energy Firms
Yu, Haisan
Abstract: In January, 2005, the EU launched the first international
emissions trading system (EU ETS), aimed at reducing carbon emissions in a
cost-effective way by means of a market-based instrument. In this paper, we
use the treatment/control, before/after design of the natural experiment
approach to investigate the treatment effect of the EU ETS on the
profitability of a sample of Swedish energy firms in 2005 and 2006. We also
investigate whether under-cap and over-cap firms respond differently to the
EU ETS. The estimation results in general suggest no significant impact in
2005 and a negative significant impact in 2006. The sub-sample analysis
suggests that profitability of under-cap and over-cap firms were affected
differently by the EU ETS in 2005, but not in 2006.
JEL Codes: Q50; Q58
Keywords: EU ETS; difference-in-differences; fixed effect
Discipline: economics
Series-Type: paper
repec:hhs:uunewp:2011_002
*(183)
The 2010 UNCTAD LDC Report: A Call for Action
Richard Jolly
Abstract: The World Bank and the IMF have not yet recognized the category
of least developed countries (LDCs) nor their common structural needs.
Obtaining this recognition should be made a major point for discussion and
decision at the Istanbul LDC Conference in 2011 along with the analysis and
recommendations contained in the UNCTAD 2010 Report on LDCs. A professional
meeting before the official conference might help pave the way to a new
approach.
Downloads:
http://www.palgrave-journals.com/ejdr/journal/v23/n1/pdf/ejdr201061a.pdf
http://www.palgrave-journals.com/ejdr/journal/v23/n1/full/ejdr201061a.html
Discipline: economics
Series-Type: article
repec:pal:eurjdr:v:23:y:2011:i:1:p:17-19
*(184)
Characterization of inequality changes through microeconometric decompositions. The case of Greater Buenos Aires.
Leonardo Gasparini; Mariana Marchionni; Walter Sosa Escudero
Abstract: We apply a variant of the microeconometric decomposition
methodology proposed in Bourguignon et al. (1998) to assess the relevance
of various factors that affected inequality in the period 1986-1998 in the
Greater Buenos Aires area. The results of the paper suggest that the small
change in inequality between 1986 and 1992 was the result of mild forces
that compensated each other. In contrast, between 1992 and 1998 nearly all
factors had some role in increasing inequality to unprecedented levels. The
increase in the returns to education, changes in endowments of unobservable
factors and their remunerations, and the fall in hours of work by
low-income people are particularly important to explain the growth in
inequality in the nineties. In contrast, although Argentina witnessed
dramatic changes in the gender wage gap, the unemployment rate and the
educational structure, these factors appear to have had only a mild effect
on the household income distribution.
Keywords: C15, D31, I21, J23, J31
Downloads:
http://www.depeco.econo.unlp.edu.ar/doctrab/doc25.pdf
Discipline: economics
Series-Type: paper
repec:lap:wpaper:025
*(185)
valoracion de las quality options en los futuros de TES
Andrés Vélez
Abstract: En este trabajo se usa un modelo estocástico para simular la
curva de rendimientos de los títulos de deuda pública colombiana (TES) y
así valorar las opciones implícitas en los contratos estandarizados de
futuros de estos títulos. El modelo se basa en el propuesto por Heath,
Jarrow y Morton (1992), y se adicionan características específicas que
tienen estos contratos en Colombia. Los resultados sugieren que los precios
de las opciones dependen positivamente tanto del vencimiento del bono
subyacente como del plazo del contrato, como es lo esperado.
Downloads:
http://www.amvcolombia.org.co/attachments/data/revistaanalisised1.pdf
Discipline: economics
Series-Type: article
repec:col:000417:007899
*(186)
The information content of implied volatilities of options on eurodeposit futures traded on the LIFFE: is there long memory?
Cifarelli, giulio
Abstract: Under rather general conditions Black - Scholes implied
volatilities from at-the-money options appropriately quantify, in each
period, the market expectations of the average volatility of the return of
the underlying asset until contract expiration. The efficiency of these
expectation estimates is investigated here, for options on two major short
term interest rate futures contracts traded at the LIFFE, using a long
memory framework. Over the 1993 – 1997 time interval the performance of
implied volatilities is not homogeneous across contracts. Information
content and predictive power tests consistently suggest that implied
volatility from Short Sterling contracts is more accurate as a future
volatility predictor than implied volatility from 3 Month Euromark
contracts. The analysis of the efficiency of the transmission of news over
time and between contracts provides analogous results. Underreaction of
long term volatility to changes in short term volatility is more relevant
for the German interest rate contract than for the British one and Short
Sterling implied volatility changes do “Granger cause” 3 Month Euromark
implied volatility changes pointing to a contagion – like interlinkage.
Even in a sophisticated international financial market like the LIFFE
implied volatilities have a country specific pattern as traders seem to be
more proficient in predicting domestic interest rate volatility. A possible
interpretation is that a (foreign) country risk premium introduces a bias
in the Black – Scholes implied volatility estimates. Whether this result is
general or is instead restricted to the time period and/or to the contracts
under investigation provides the scope for future research.
JEL Codes: G14; C22;
Keywords: Options; stochastic volatility; long memory; ARFIMA
Downloads:
http://mpra.ub.uni-muenchen.de/28538/
Discipline: economics
Series-Type: paper
repec:pra:mprapa:28538
*(187)
ESL Teaching and Learning Background in the United States of America
Ekaterine Pipia
Abstract: This article identifies dramatic demographic changes in the
United States with particular emphasis on shifts in the ethnic composition
of school-age children. At this writing, nearly one of every five American
students entering school is a native speaker of a language other than
English. In addition the paper explores ESL background of the United Stats
and many facets of the most commonly implemented bilingual program designs
in today"s American schools: pull-out, structured immersion,
transitional, maintenance, and dual language. Since these policies and
programs are not related to any socio cultural matters, the paper provides
a socio cultural and historical background of language contact and
attitudes out of which these programs grew and that each, of course,
reflects.
JEL Codes: I20
Keywords: ethnic groups, second language, bilingual education programs
Downloads:
http://journal.ibsu.edu.ge/index.php/ibsusj/article/download/63/54
Discipline: economics
Series-Type: article
repec:ibl:journl:v:2:y:2008:i:2:p:103-112
*(188)
Ambiguity and the Bayesian Paradigm
Itzhak Gilboa; Massimo Marinacci
Abstract: This is a survey of some of the recent decision-theoretic
literature involving beliefs that cannot be quantified by a Bayesian prior.
We discuss historical, philosophical, and axiomatic foundations of the
Bayesian model, as well as of several alternative models recently proposed.
The definition and comparison of ambiguity aversion and the updating of
non-Bayesian beliefs are briefly discussed. Finally, several applications
are mentioned to illustrate the way that ambiguity (or Knightian
uncertainty) can change the way we think about economic problems.
Downloads:
ftp://ftp.igier.unibocconi.it/wp/2011/379.pdf
Discipline: economics
Series-Type: paper
repec:igi:igierp:379
*(189)
Engels Law Around the World 150 Years Later
Richard Anker
Abstract: <p>One of the most enduring relationships in economics is
that proposed by Ernst Engel in 1857: The poorer is a family, the greater
is the proportion of the total outgo [family expenditures] which must be
used for food. The proportion of the outgo used for food, other things
being equal is the best measure of the material standard of living of a
population. The 150th anniversary of Engels law passed in 2007. With this
in mind, the present paper looks at the extent to which Engels law is
relevant in todays world by looking across countries at the relationship
between the share of household expenditure spent on food and national
income per capita. This working paper provides an empirical analysis of
Engels law based on data for almost every country and territory in the
world. This facilitates analysis of the relationship between the food share
of household expenditure and national income per capita, especially how
this differs by development level.</p>
Downloads:
http://www.peri.umass.edu/fileadmin/pdf/working_papers/working_papers_201-250/WP247.pdf
Discipline: economics
Series-Type: paper
repec:uma:periwp:wp247
*(190)
Why Doesn’t Microfinance Work? The Destructive Rise of Local Neoliberalism
Antonia Fernandez
Downloads:
http://www.palgrave-journals.com/ejdr/journal/v23/n1/pdf/ejdr201063a.pdf
http://www.palgrave-journals.com/ejdr/journal/v23/n1/full/ejdr201063a.html
Discipline: economics
Series-Type: article
repec:pal:eurjdr:v:23:y:2011:i:1:p:174-175
*(191)
Экономико-правовое регулирование экологической ответственности
Моткин Г.А.; Тулупов А.С.; Усманова Н.А.; Городничева И.В.; Новосёлова И.Ю.
Abstract: <p>На основе разрабатываемой в лаборатории методологии
экологического страхования созданы фундаментальные основы
экономико-правового регулирования экологической ответственности. Выработан
подход к вероятностной экономической оценке предотвращаемого ущерба от
реализации природоохранных проектов и мероприятий. Для этого предлагается
воспользоваться методом статистических испытаний Монте-Карло. Приводятся
блок-схема метода для вероятностной экономической оценки предотвращаемого
ущерба и примеры расчетов.</p> <p> Результаты исследования
позволяют говорить о формирующемся институте экономико-правового
регулирования экологической ответственности. Методические разработки в
области вероятностной экономической оценки предотвращаемого ущерба от
реализации природоохранных проектов и мероприятий для целей экологического
страхования создают реальную возможность структурировать источники
загрязнения окружающей среды по их значимости в антропогенном разрушении
окружающей среды, а, следовательно, определить их экологическую
ответственность за причинение убытков реципиентам в результате аварийного
загрязнения окружающей среды. Однако институциональное несовершенство
природоохранной политики и ее ориентация лишь на контрольно-надзорные
функции сдерживает внедрение методов регулирования экологической
ответственности. </p>
JEL Codes: q0, q2
Keywords: охрана окружающей среды, экономический ущерб, экологический риск, аварийное загрязнение, нормативные правовые акты, закон, тарифные ставки, оценка экологической опасности, загрязнение атмосферного воздуха, загрязнение водных ресурсов, экологическое страхование, экономическая оценка, вероятность, метод статистических испытаний Монте-Карло
Downloads:
http://www.cemi.rssi.ru/mei/reports/r10-0352.htm
Discipline: экономика
Series-Type: paper
repec:rus:meirep:r10-352
*(192)
Did the Stimulus Stimulate? Real Time Estimates of the Effects of the American Readjustment and Recovery Act
James Feyrer; Bruce Sacerdote
Abstract: We use state and county level variation to examine the impact of
the American Readjustment and Recovery Act on employment. A cross state
analysis suggests that one additional job was created by each $170,000 in
stimulus spending. Time series analysis at the state level suggests a
smaller response with a per job cost of about $400,000. These results imply
Keynesian multipliers between 0.5 and 1.0, somewhat lower than those
assumed by the administration. However, the overall results mask
considerable variation for different types of spending. Grants to states
for education do not appear to have created any additional jobs. Support
programs for low income households and infrastructure spending are found to
be highly expansionary. Estimates excluding education spending suggest
fiscal policy multipliers of about 2.0 with per job cost of under $100,000.
JEL Codes: E6; E62; E65
Downloads:
http://www.nber.org/papers/w16759.pdf
Discipline: economics
Series-Type: paper
repec:nbr:nberwo:16759
*(193)
The Formation of Nation-State and Cultural Identity: A Georgian Perspective
Lali Surmanidze; Lia Tsuladze
Abstract: The paper discusses cultural specifics of the Georgians’ mental
perception in the context of formation of the modern nation-state. The
research has been conducted using the experimental psychosemantic method,
based on which semantic spaces, reflecting the categorical system of
meanings in the contemporary Georgians’ mentality, have been built. The
material for the research consisted of universal (etic) categories
interpreted within the cultural system specific to the Georgians (emic
means of interpretation). For this purpose, we have referred to the
historical facts, linguistic and folk material, and religious aspects of
the Georgian Orthodox Christianity. The so called “Nation-State” cluster is
the largest one out of several clusters revealed by the research. Its
content has been interpreted based on semiotic analysis that highlights the
semantic logic representing essential aspects of the Georgians’ collective
representations, namely, their ethnic picture of the world. It is stated
that national identity is the main idea influencing the development of the
Georgian state and culture, and that the value of defending and preserving
national identity is the oldest and strongest layer of the Georgian
mentality. It is demonstrated that “Georgian” has always been the main
criterion for evaluating all the life events and even personal
self-realization has necessarily implied the element of being Georgian as
its inseparable part. The research data confirm that till today the
Georgians are evaluated in this context and it should be the main reason
for why such concepts as “success,” “achievement,” “independence" and
“freedom,” which definitely represent personal context in the Western
countries, are attributed to the wider context of nation-state in the
Georgian mentality.
JEL Codes: I20
Downloads:
http://journal.ibsu.edu.ge/index.php/ibsusj/article/download/89/49
Discipline: economics
Series-Type: article
repec:ibl:journl:v:2:y:2008:i:2:p:86-102
*(194)
Information and Efficiency: Goal Arrival in Soccer Betting
Karen Croxson; J. James Reade
Abstract: In an efficient market news is incorporated into prices rapidly
and completely. Attempts to test for this in financial markets have been
undermined by the possibility of information leakage unobserved by the
econometrician. An alternative is to switch to laboratory conditions, at
the price of some artificiality. Potentially, sports betting markets offer
a superior way forward: assets have terminal values and news can break
remarkably cleanly, as when a goal is scored in soccer. We exploit this
context to test for efficiency, applying a novel identification strategy to
high-frequency data. On our evidence, prices update swiftly and fully.
JEL Codes: G14, D0, C01
Keywords: Information, market efficiency, gambling
Downloads:
ftp://ftp.bham.ac.uk/pub/RePEc/pdf/11-01.pdf
Discipline: economics
Series-Type: paper
repec:bir:birmec:11-01
*(195)
Migraciones y formación de mercados laborales: la fuerza de trabajo indígena de Lima a comienzos del siglo XVII
Miguel Jaramillo
Downloads:
http://revistas.pucp.edu.pe/economia/sites/revistas.pucp.edu.pe.economia/files/images/29-30-8-Jaramillo.pdf
Discipline: economics
Series-Type: article
repec:pcp:pucrev:y:1992:i:29-30:p:224-320
*(196)
Liquidity in the Foreign Exchange Market: Measurement, Commonality,and Risk Premiums
Loriano MANCINI; Angelo RANALDO; Jan WRAMPELMEYER
Abstract: This paper develops a liquidity measure tailored to the foreign
exchange (FX) market, quanti fies the amount of commonality in liquidity
across different exchange rates, and determines the extent of liquidity
risk premiums embedded in FX returns. The new liquidity measure utilizes
ultra high frequency data and captures cross-sectional and temporal
variation in FX liquidity during the financial crisis of 2007-2008. As
sudden shocks to market-wide liquidity have important implications for
regulators and investors, liquidity is decomposed into an idiosyncratic and
a common component. Empirical results show that liquidity co-moves strongly
across currency pairs and that systematic FX liquidity decreases
dramatically during the financial crisis. To investigate whether investors
require a return premium for bearing liquidity risk, a factor model for FX
returns is extended by a novel liquidity risk factor constructed from
shocks to market-wide liquidity. Estimation results suggest that liquidity
risk is a heavily priced state variable.
JEL Codes: F31, G01, G12, G15
Keywords: Foreign Exchange Market, Measuring Liquidity, Commonality in Liquidity Liquidity Risk Premium, Uncovered Interest Rate Parity, Subprime Crisis
Downloads:
http://ssrn.com/abstract=1520387
Discipline: economics
Series-Type: paper
repec:chf:rpseri:rp0944
*(197)
The Distribution of the Size of Price Changes
Alberto Cavallo; Roberto Rigobon
Abstract: Different theories of price stickiness have distinct implications
on the properties of the distribution of price changes. One of those
characteristics is the number of modes in the distribution. We formally
test for the number of modes in the price change distribution of 32
supermarkets, spanning 23 countries and 5 continents. We present results
for three modality tests: the two best-known tests in the statistical
literature, Hartigan’s Dip and Silverman’s Bandwith, and a test designed in
this paper, called the Proportional Mass test (PM). Three main results are
uncovered. First, when the traditional tests are used, the unimodality
around zero is rejected in about 90 percent of the establishments. When we
used the PM test, which is more conservative than the first two, we still
reject unimodality in two thirds of the supermarkets. There is significant
heterogeneity across countries: the US, UK, and Uruguay are the most
"unimodal" while the other countries in the sample exhibit significant
bi-modality. Second, if we center the PM test on the largest mode – as
opposed to zero – we have few rejections of unimodality. Finally, the
rejection of unimodality changes through time and with the level of
inflation. In countries where there is large inflation the distribution is
unimodal around a positive value. In some countries where inflation drops
over time – as it happened during the recent financial recession –
unimodality at zero starts to disappear again. These results offer new
stylized facts that theoretical models of price stickiness need to match.
We perform a simple simulation exercise at the end using the model by
Alvarez, Lippi, and Paciello (2010) and applying our PM test of unimodality
to the model’s distributions.
JEL Codes: E00; E3
Downloads:
http://www.nber.org/papers/w16760.pdf
Discipline: economics
Series-Type: paper
repec:nbr:nberwo:16760
*(198)
Four Myths and a Financial Crisis
Radu Vranceanu
Abstract: The main driving force of the financial crisis of 2007-2009 was a
rapid deterioration of the trust of private agents in the quality of
financial institutions. In turn, this loss of confidence entailed the
collapse of several key asset markets and a sharp decline in the other
asset prices. This paper surveys the critical moments of the crisis, puts
forward some of the shock amplifying mechanisms and comments on the
effectiveness of various policy measures. The conclusion opens the debate
on what structural changes in the existing financial architecture are
required to contain such crises in the future.
Keywords: Banking Sector ; Economic Myths ; Economic Policy ; Financial Crisis ; Trust
Downloads:
http://hal-essec.archives-ouvertes.fr/docs/00/55/47/04/PDF/09006_Vranceanu.pdf
Discipline: economics
Series-Type: paper
repec:hal:journl:hal-00554704
*(199)
Does the Indexing of Government Transfers Make Carbon Pricing Progressive?
Don Fullerton; Garth Heutel; Gilbert E. Metcalf
Abstract: We analyze both the uses side and the sources side incidence of
domestic climate policy using an analytical general equilibrium model,
taking into account the degree of government program indexing. When
transfer programs such as Social Security are explicitly indexed to
inflation, higher energy prices automatically lead to cost-of-living
adjustments for recipients. We show results with no indexing, 100 percent
indexing, and partial indexing based on our analysis of actual transfer
programs. When households are classified by annual income, the indexing of
U.S. transfers is not enough to offset the regressive uses side, but when
they are classified by annual expenditures as a proxy for permanent income,
transfer indexing does offset regressivity across the lowest income groups.
JEL Codes: H23; H55; Q43; Q58
Downloads:
http://www.nber.org/papers/w16768.pdf
Discipline: economics
Series-Type: paper
repec:nbr:nberwo:16768
*(200)
A Geometric Representation of the Frisch-Waugh-Lovell Theorem
Walter Sosa Escudero
Downloads:
http://www.depeco.econo.unlp.edu.ar/doctrab/doc29.pdf
Discipline: economics
Series-Type: paper
repec:lap:wpaper:029
*(201)
The Evolution of Work
Markus Mobius; Raphael Schoenle
Abstract: The division of labor first increased during industrialization
and then decreased again after 1970 as job roles have expanded. We explain
these trends in the organization of work through a simple model where (a)
machines require standardization to exploit economies of scale and (b) more
customized products are subject to trends and fashions which make
production tasks less predictable and a strict division of labor
impractical. At the onset of industrialization, the market supports only a
small number of generic varieties which can be mass-produced under a strict
division of labor. Thanks to productivity growth, niche markets gradually
expand, producers eventually move into customized production and the
division of labor decreases again. The model predicts capital-skill
substitutability during industrialization and capital skill complementarity
in the maturing industrial economy. Moreover, conventional calculations of
the factor content of trade underestimate the impact of globalization
because they do not take into account changes in product market competition
induced by trade. We test our model by exploiting the time-lags in the
introduction of bar-coding in three-digit SIC manufacturing industries in
the US. We find that both increases in investments in computers and
bar-coding have led to skill-upgrading. However, consistent with our model
bar-coding has affected mainly the center of the skill distribution by
shifting demand away from the high-school educated to the less-than-college
educated.
Downloads:
http://www.brandeis.edu/departments/economics/RePEc/brd/doc/Brandeis_WP25.pdf
Discipline: economics
Series-Type: paper
repec:brd:wpaper:25
*(202)
Time-like Dual Curves of Constant Breadth in Dual Lorentzian Space
Suha Yılmaz
Abstract: In this work, some characterizations of closed time-like dual
curves and time-like dual curves of constant breadth in dual Lorentzian
space are presented.
JEL Codes: E62
Keywords: Dual Lorentzian Space, Time-like Dual Curves, Curves of Constant Breadth
Downloads:
http://journal.ibsu.edu.ge/index.php/ibsusj/article/download/67/55
Discipline: economics
Series-Type: article
repec:ibl:journl:v:2:y:2008:i:2:p:113-120
*(203)
Bienes de producción local en la provincia de Buenos Aires
Carlos Lamarche; Josefina Posadas
Downloads:
http://www.depeco.econo.unlp.edu.ar/doctrab/doc27.pdf
Discipline: economics
Series-Type: paper
repec:lap:wpaper:027
*(204)
Impact of economic growth and financial development on exports: Cointegration and causality analysis in Pakistan, Impact of economic growth and financial development on exports: Cointegration and causality analysis in Pakistan
Shahbaz, Muhammad; Rahman, Mizanur
Abstract: The analysis shows cointegration between exports, economic growth
and financial development in case of Pakistan. The results that economic
growth and financial development stimulate rate of exports growth in
Pakistan. The causality analysis reveals bidirectional causal relationship
between financial development and economic growth, financial development
and exports and exports and economic growth in case of Pakistan.
JEL Codes: C13; C22; A10;
Keywords: Economic growth; financial development; Cointegration; Pakistan
Downloads:
http://mpra.ub.uni-muenchen.de/28563/
Discipline: economics
Series-Type: paper
repec:pra:mprapa:28563
*(205)
Межрегиональное социально-экономическое пространство Российской Федерации: оценка интеграционного потенциала
Цветков В.А.; Зоидов К.Х.; Медков А.А.; Быкадоров М.А.; Губин В.А.; Ильин М.В.; Кондраков А.В.; Биджамова К.В.; Зоидов З.К.; Медников В.В.
Abstract: <p>Важной характеристикой современных условий формирования
рыночно пространства выступает совокупность процессов глобализации и
трансформации. Формирование рыночного пространства регионов оказывает
непосредственное влияние на формирование новой парадигмы развития. Теперь
ставится задача не только сглаживания и устранения негативных проявлений, с
одной стороны, процессов глобализации, а с другой, – процессов
трансформационных, но и стремления к получению синергетического эффекта от
все более явно нарастающей взаимосвязи двух процессов.</p> <p>
Основной целью данного исследования является формирование новой парадигмы
социально-экономической политики региона в условиях дезинтеграции
хозяйственного пространства, обеспечивающее эффективное взаимодействие
между данной политикой и общественно-хозяйственной системой региона на
основе: восстановления и развития статуса региона как интегрального
субъекта; проведение комплексного анализа сложившихся форм региональной
интеграции в России и разработка на этой основе методологических и
методических подходов к регулированию межрегиональных экономических связей
и процессов интеграции, а также комплекса практических рекомендаций по
совершенствованию механизмов финансово-экономического взаимодействия
регионов.</p> <p> Определены экономические условия,
характеризующие общее экономическое пространство. Раскрыта
трансформационная природа процесса дезинтеграции хозяйственного
пространства регионов. Установлены видовые отличия социально-экономической
политики региона. Обоснованы принципы региональной социально- экономической
политики в условиях дезинтеграции хозяйственного пространства.
Проанализированы торгово- экономические межрегиональные отношения на основе
статистических данных с использованием эконометрических методов. Изучена
природа неоднородности единого экономического пространства российских
регионов. Выявлено преимущественное развитие приграничного сотрудничества
российских регионов в форме внешнеэкономической деятельности хозяйствующих
субъектов во взаимодействии с сопредельными приграничными территориями
сопредельных государств. Обосновано формирование новой парадигмы
социально-экономической политики региона в условиях дезинтеграции
хозяйственного пространства, обеспечивающее эффективное взаимодействие
между данной политикой и общественно-хозяйственной системой региона на
основе восстановления и развития статуса региона как интегрального
субъекта. </p>
JEL Codes: o0
Keywords: Экономическое пространство, региональная экономика, трансформационные процессы, глобализация, дезинтеграция хозяйственного пространства, единое экономическое пространство, приграничное сотрудничество, торгово-экономическое отношение, депрессивные регионы, экономические циклы, эволюционно-институциональный подход, пространственно-конкурентоспособная экономика, модернизация
Downloads:
http://www.cemi.rssi.ru/mei/reports/r10-0349.htm
Discipline: экономика
Series-Type: paper
repec:rus:meirep:r10-349
*(206)
The Impact of Education on Health Status: Evidence from Longitudinal Survey Data.
Bichaka Fayissa; Shah Danyal; J.S. Butler
Abstract: Using the NLSY79 panel data set from 1979-2006 for a
cross-section of 12,686 individuals, this paper investigates the effect of
educational attainment on the health status of an individual as measured by
the inability to work for health reasons. The present study bridges the
gap in the literature by using the fixed-effects model, random-effects
model, between-effects, and the Arellano-Bond dynamic model to analyze the
impact of education on health status. We use these alternative models to
control unobserved heterogeneity. Educational attainment has a
statistically significant and positive effect on the quality of an
individuals health status.
JEL Codes: I12,I20
Keywords: Education, Health Status, Fixed-Effects, Random-Effects, Between-Effects, Arellano-Bond Model
Downloads:
http://frank.mtsu.edu/~berc/working/Health_and_educ_2-2-2011WPS.pdf
Discipline: economics
Series-Type: paper
repec:mts:wpaper:201101
*(207)
The Porter Hypothesis at 20: Can Environmental Regulation Enhance Innovation and Competitiveness?
Ambec, Stefan; Cohen, Mark; Elgie, Stewart; Lanoie, Paul
Abstract: Twenty years ago, Harvard Business School economist and strategy
professor Michael Porter stood conventional wisdom about the impact of
environmental regulation on business on its head by declaring that well
designed regulation could actually enhance competitiveness. The traditional
view of environmental regulation held by virtually all economists until
that time was that requiring firms to reduce an externality like pollution
necessarily restricted their options and thus by definition reduced their
profits. After all, if there are profitable opportunities to reduce
pollution, profit maximizing firms would already be taking advantage of
those opportunities. Over the past 20 years, much has been written about
what has since become known simply as the Porter Hypothesis (“PH”). Yet,
even today, there is conflicting evidence, alternative theories that might
explain the PH, and oftentimes a misunderstanding of what the PH does and
does not say. This paper provides an overview of the key theoretical and
empirical insights on the PH to date, draw policy implications from these
insights, and sketches out major research themes going forward.
Keywords: Porter Hypothesis, Environmental Policy, Innovation, Performance
Downloads:
http://idei.fr/doc/wp/2010/wp_idei_655.pdf
Discipline: economics
Series-Type: paper
repec:ide:wpaper:23884
*(208)
The Participation Gap: Evidence from Compulsory Voting Laws
Hangartner, Dominik; Schmid, Lukas
Abstract: Why do some people go to the polling station, sometimes up to
several times a year, while others always prefer to stay at home? This
question has launched a wide theoretical debate in both economics and
political science, but convincing empirical support for the different
models proposed is still rare. The basic rational voting model of Downs
(1957) predicts zero participation because each individual vote is
extremely unlikely to be pivotal. One prominent modification of this model
is the inclusion of a civic duty term into the voter"s utility
function (Riker and Ordeshook, 1968) which has been the basis of structural
ethical voting models such as Coate and Conlin (2004) and Feddersen and
Sandroni (2006). Another branch of structural models looks at informational
asymmetries among citizens (Feddersen and Pesendorfer, 1996, 1999). This
paper tests the implications of these two branches of structural models by
exploiting a unique variability in compulsory voting laws in Swiss federal
states. By analyzing a newly compiled comparative data set covering the
1900-1950 period, we find large positive effects of the introduction of
compulsory voting laws on turnout. Along with the arguably exogenous
treatment allocation, several specification and placebo tests lend support
to a causal interpretation of this result. The findings of this study lend
support to the ethical voting models since citizens do react to compulsory
voting laws only if it is enforced with a fee. At the same time, the
informational aspect of non-voting is questioned as „new" voters do not
delegate their votes.
JEL Codes: D72;
Keywords: Compulsory Voting; Voter Turnout; Structural Voting Models
Downloads:
http://mpra.ub.uni-muenchen.de/28510/
Discipline: economics
Series-Type: paper
repec:pra:mprapa:28510
*(209)
Модернизация и инновационное развитие экономики России
Цветков В.А.; Моргунов Е.В.; Елисеев Д.О.; Жаворонков И.В.
Abstract: В отчете анализируются подходы к определению понятия
«модернизация», обосновываются тезисы о невозможности универсализации
модели модернизации национальных экономик и о необходимости разработки
пошаговой стратегии модернизации российской экономики. В отчете также
характеризуется экономико-технологическое положение как российской
экономики, в том числе и непосредственно ее промышленного и транспортного
комплексов, предлагается ряд «точечных» направлений (отраслей и технологий)
неомодернизационного проекта, отобранного на основе принципа реальной
конкурентоспособности: продовольственный, сырьевой (в особенности ТЭК),
коcмический и транспортный комплексы.
JEL Codes: o0
Keywords: Благосостояние, инновация, конкурентоспособность, модернизация, отрасль, производительность, технология, транспорт, экономика.
Downloads:
http://www.cemi.rssi.ru/mei/reports/r10-0346.htm
Discipline: экономика
Series-Type: paper
repec:rus:meirep:r10-346
*(210)
WEATHR: Stata module to display US weather conditions
Neal Caren
Abstract: weathr is a module to display current U.S. weather conditions. It
retrieves the current weather conditions and the forecast for the next 36
hours from yahoo.com for one or more US zipcodes. It requires a connection
to the internet.
Keywords: weather
Downloads:
http://fmwww.bc.edu/repec/bocode/w/weathr.ado
http://fmwww.bc.edu/repec/bocode/w/weathr.sthlp
Discipline: economics
Series-Type: software
repec:boc:bocode:s457236
*(211)
Driven by Social Comparisons: How Feedback about Coworkers Effort Influences Individual Productivity
Francesca Gino; Bradley R. Staats
Abstract: Drawing on theoretical insights from research on social
comparison processes, this article explores how managers can use
performance feedback to sustain employees" motivation and performance
in organizations. Using a field experiment at a Japanese bank, we
investigate the effects of valence (positive versus negative), type (direct
versus indirect), and timing of feedback (one-shot versus persistent) on
employee productivity. Our results show that direct negative feedback
(e.g., an employee learns her performance falls in the bottom of her group)
leads to improvements in employees" performance, while direct positive
feedback does not significantly impact performance. Furthermore, indirect
negative feedback (i.e., the employee learns she is not in the bottom of
her group) worsens productivity while indirect positive feedback (i.e., the
employee learns she is not in the top of her group) does not affect it.
Finally, both persistently positive and persistently negative feedback lead
to improvements in employees" performance. Together, our findings
offer insight into the role of performance feedback in motivating
productivity in repetitive tasks.
Keywords: Feedback, Framing, Learning, Motivation, Persistence, Productivity, Social comparison
Downloads:
http://www.hbs.edu/research/pdf/11-078.pdf
Discipline: economics
Series-Type: paper
repec:hbs:wpaper:11-078
*(212)
Mejorando la protección al inversionista y la regulación del mercado de valores
John C. Coffee, Jr.
Abstract: Testimonio del profesor John C. Coffee, Jr., frente al Comité de
Banca, Vivienda y Asuntos Urbanos del Senado, Congreso de los Estados
Unidos de América.
Downloads:
http://www.amvcolombia.org.co/attachments/data/revistaanalisised1.pdf
Discipline: economics
Series-Type: article
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