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( 1 ) Working Papers Department of Economics and Technology Management, University of Bergamo ---------- (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 ) Engel’s 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 l’âge, le genre, le fait d’avoir ou non des enfants, la composition du ménage, la nationalité, la religion, le niveau d’études, le statut socio-économique et le statut d’activité (et d’emploi). Les méthodes utilisées sont les analyses bivariées, multivariées et l’analyse des correspondances multiples. Nos résultats montrent que les différences entre les indicateurs composites de cohésion sociale de 1999 et 2008 sont minimes, dès lors qu’on les confronte à l’influence 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 l’âge, alors que les comportements sont expliqués par le statut social, mais aussi par l’âge, 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 Wald’s 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. China’s 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. China’s 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, Difference–in–difference, 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 individual’s 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 there’s 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) Engel’s 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 Engel’s law passed in 2007. With this in mind, the present paper looks at the extent to which Engel’s law is relevant in today’s 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 Engel’s 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 individual’s 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 repec:col:000417:007896