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  • 1
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    Amsterdam: Elsevier
    Publication Date: 2018-11-14
    Description: This study contributes to the understanding of long- and short-term determinants of cooperation among water users. We experimentally investigate the potential of water users’ self-governance in enhancing their contributions to a common pool as opposed to external regulation. Our focus is on the irrigated areas of Kazakhstan and Uzbekistan. Due to their Soviet past, these countries have a reputation for low bottom-up cooperation potential. Based on the different pre-Soviet irrigation traditions of the two study sites, we assess the effectiveness of short-term incentives compared to long term cultural factors of cooperation. History might matter, but we find it does not predetermine the success of current water decentralization in ancient as compared to relatively recently established irrigation sites. Our study reveals that external regulation, in fact, decreases farmers’ cooperation, whereas face-to-face communication increases it. This finding calls into question the top-down approach prevalent in current water policies of the region. Moreover, it suggests the viability of endogenous cooperation and hence encourages the implementation of truly self-governed water management policies in Central Asia. However, the substantial heterogeneity in individual contributions apparent at the village level also signals a warning that one-size-fits-all approaches to local cooperation are unlikely to succeed.
    Keywords: ddc:330 ; Water-management ; Self-governance ; Field experiment ; Cultural determinants ; Central Asia
    Language: English
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  • 2
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    Cham: Springer Open
    Publication Date: 2018-11-30
    Description: This open access book looks at how a democracy can devolve into a post-factual state. The media is being flooded by populist narratives, fake news, conspiracy theories and make-believe. Misinformation is turning into a challenge for all of us, whether politicians, journalists, or citizens. In the age of information, attention is a prime asset and may be converted into money, power, and influence - sometimes at the cost of facts. The point is to obtain exposure on the air and in print media, and to generate traffic on social media platforms. With information in abundance and attention scarce, the competition is ever fiercer with truth all too often becoming the first victim. Reality Lost: Markets of Attention, Misinformation and Manipulation is an analysis by philosophers Vincent F. Hendricks and Mads Vestergaard of the nuts and bolts of the information market, the attention economy and media eco-system which may pave way to postfactual democracy. Here misleading narratives become the basis for political opinion formation, debate, and legislation. To curb this development and the threat it poses to democratic deliberation, political self-determination and freedom, it is necessary that we first grasp the mechanisms and structural conditions that cause it.
    Keywords: ddc:330
    Language: English
    Type: doc-type:book
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  • 3
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    Oldenburg: University of Oldenburg, Department of Economics
    Publication Date: 2018-04-28
    Description: This paper hypothesizes and empirically establishes the educational burden of the ADHD-related behavioral symptoms inattention and/or hyperactivity-impulsivity on aggregate cognitive achievement outcomes. We use a novel compilation of the 2- and 7-repeat allele variants of the human DRD4 exon III gene that candidate gene association studies have identified as an important biomarker in the etiology of childhood ADHD. The main results show a negative and statistically significant association between aggregate international student achievement test scores and the DRD4 exon III 2- and 7-repeat allele frequency measure in a cross-section of 81 countries. This finding is robust to the inclusion of additional country-specific historical, cultural, socioeconomic, biogeographic, health-related, educational, genetic, and diversity factors. Additional estimates suggest the predictive power of the country-level DRD4 exon III 2- and 7-repeat allele frequency measure on cross-country differences of estimated ADHD prevalence rates, confirming the reliability of the proposed biomarker for the measurement of ADHD-related behavioral symptoms in the general population.
    Keywords: E70 ; I10 ; I20 ; J24 ; ddc:330 ; Human Capital ; Cognitive Ability ; Cognitive Skills ; International Student Achievement Tests ; Education Production Function ; ADHD ; DRD4 Exon III ; Genetic Diversity
    Language: English
    Type: doc-type:workingPaper
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  • 4
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    Düsseldorf: Düsseldorf Institute for Competition Economics (DICE)
    Publication Date: 2018-04-29
    Description: This paper empirically explores the link between mass media coverage of migration and immigration worries. Using detailed data on media coverage in Germany, we show that the amount of media reports regarding migration issues is positively associated with concerns about immigration among the German population. The association is robust to the inclusion of time-variant individual control variables and individual fixed-effects. We employ media spillovers from the neighboring country of Switzerland, which occur due to referendum decisions on immigration as an instrumental variable to address endogeneity concerns. The IV estimates suggest that media coverage has a causal impact on immigration worries. Exploring heterogeneous effects between respondents, the results reveal that the link between media reports and immigration worries is particularly relevant for women and respondents active in the workforce.
    Keywords: L8 ; D7 ; F2 ; ddc:330 ; media ; migration ; news spillovers ; political attitudes
    Language: English
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  • 5
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    Hamburg: Berenberg Bank und Hamburgisches WeltWirtschaftsInstitut (HWWI)
    Publication Date: 2018-04-29
    Description: [Introduction] The world is currently experiencing an economic boom. All of the major economic areas - the USA, Europe, Japan and China - are seeing strong economic growth. But beyond current favourable conditions there are signs that the world is currently undergoing a fundamental transition and that it will continue to change significantly in the coming years. Consequently, the macroeconomic environment is subject to a great deal of uncertainty in the medium and longer term. Is this the start of a new era of economic isolation? What effects will the changing demographic patterns have? What will be the extent of the impact of climate change and the resulting environ mental policy measures? What are the consequences of the digital transformation for the economy in general and for the trade of goods in particular? These questions affect large sections of our economy and our society. The shipping industry is impacted directly or at least indirectly by many of these questions surrounding the future. The unusually high level of uncertainty for the shipping sector poses a special challenge in this context, particularly as shipping has been undergoing a process of consolidation since the global financial and economic crisis and the existing excess capacities have not yet been reduced. This publication does not constitute a forecast on our part regarding the specific development of the shipping market. Instead, we aim to outline the economic framework upon which the industry must base its future decisions. We focus here on the process of digital transformation, and our analysis shows that the environment for shipping will remain very challenging in the years ahead.
    Keywords: ddc:330
    Language: English
    Type: doc-type:report
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  • 6
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    Berlin: Wissenschaftszentrum Berlin für Sozialforschung (WZB)
    Publication Date: 2018-04-29
    Description: No governor has sufficient capabilities to govern single-handedly; all governors rely on agents, and thus become principals. The "governor's dilemma" results from the tradeoff between agent competence and principal control. Competent agents are difficult to control because their policy contributions give them leverage over the principal; principal control impedes agent competence by constraining the development and exercise of agent capabilities. If a principal emphasizes control, it limits agent competence and risks policy failure; if it emphasizes competence, it provides opportunistic agents freedom to maneuver and risks control failure. This competence-control tradeoff applies in all governance domains: democratic or autocratic, domestic or international, public or private. We extend principal-agent theory by identifying four modes of indirect governance based on ex ante and ex post control relations: delegation, trusteeship, cooptation and orchestration. We then theorize the principal's choice among these modes as it seeks to balance competence and control. Finally, we analyze how the competence-control tradeoff contributes to dynamic instability within and across the modes of indirect governance.
    Description: Kein Regierungschef hat ausreichend Fähigkeiten, um alleine zu regieren zu können. Daher vertrauen alle Regierenden auf Agenten (Beauftragte) und werden so zum Prinzipal (Auftraggeber). Das "Dilemma der Regierenden" resultiert aus dem Trade-off zwischen der Kompetenz der Agenten und den Kontrollmöglichkeiten des Prinzipals. Kompetente Agenten sind schwierig zu kontrollieren, da sie durch ihre Policy-Expertise eine Hebelwirkung besitzen. Eine Kontrolle durch den Prinzipal verhindert die Entfaltung der Kompetenz des Agenten, indem die Entwicklung sowie die Umsetzung der Fähigkeiten des Agenten eingeschränkt werden. Setzt der Prinzipal also auf Kontrolle, limitiert er die Kompetenz des Agenten und riskiert das Scheitern von Policies. Setzt er hingegen auf die Kompetenz, riskiert der Prinzipal die Kontrolle zu verlieren, da opportunistische Agenten zu viel Bewegungsfreiheit besitzen. Dieser Trade-off zwischen Kompetenz und Kontrolle existiert in allen Regierungsbereichen, egal ob demokratisch oder autokratisch, innen- oder außenpolitisch, öffentlich oder privat. Wir erweitern die Prinzipal-Agenten-Theorie, indem wir vier Modi des indirekten Regierens identifizieren, die auf ex ante- und ex post-Aspekten der Kontrollmöglichkeiten basieren: Delegation, Treuhandschaft, Kooptation und Orchestrierung. Anschließend befassen wir uns mit den daraus entstehenden Möglichkeiten des Prinzipals, Kompetenz und Kontrolle gleichermaßen auszubalancieren. Abschließend analysieren wir, wie der Trade-off zwischen Kompetenz und Kontrolle zu einer dynamischen Instabilität innerhalb und zwischen den Modi des indirekten Regierens beiträgt.
    Keywords: ddc:320 ; governance ; agent-principle theory ; control ; competence ; Regieren ; Prinzipal-Agenten Theorie ; Kontrolle ; Kompetenz
    Language: English
    Type: doc-type:workingPaper
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  • 7
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    Maastricht: Global Labor Organization (GLO)
    Publication Date: 2018-04-29
    Description: Using a cohort approach, this paper examines educational attainment in Ghana and its potential determinants considering both educational attainment in the formal education system and participation in non-formal education in the form of adult literacy programs. The results indicate an overall substitution between formal and non-formal education across the generations, with participation in adult literacy programs decreasing as the formal education system expanded its coverage across space and time in Ghana. Individuals who completed any formal education were also much less likely to participate in adult literacy programs, by about 10 percentagepoints per year of formal education completed. Additionally, the generations subject to the declining education system during the 1970s were substantially disadvantaged, with the cohort that was roughly of primary school age at the time of the economic breakdown in 1983 and the first few years thereafter being the last of the disadvantaged cohorts—the “lost generations.” This is especially true for the particularly vulnerable group of individuals who never received any formal education, where the crisis cohort peaked in terms of adult literacy program participation relative to later (and earlier) cohorts, possibly in response to a decrease in the quality of the formal education system as well as increased competition from returning refugees. We perform a simple test for the declining quality of the formal education system in the 1970s and find evidence consistent with a decrease in the quality in the education system during the 1970s, followed by an increase in quality thereafter.
    Keywords: I210 ; J240 ; ddc:330 ; Human capital ; formal and non-formal education ; adult literacy programs ; cohort analysis ; Ghana
    Language: English
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  • 8
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    Düsseldorf: Düsseldorf Institute for Competition Economics (DICE)
    Publication Date: 2018-04-27
    Description: We study a Hotelling framework in which customers first pay a monopoly platform to enter the market before deciding between two competing services on opposite ends of a Hotelling line. This setup is common when modeling competition in Internet content provision. We find that standard taken-for-granted solution methods under full market coverage break down, and that in the unique full-coverage equilibrium, the competing service providers set substantially lower prices. Standard methods and prices are restored by giving service providers the first move.
    Keywords: D21 ; D43 ; L0 ; ddc:330 ; Hotelling Model ; First Mover Advantage ; Two-Sided Market
    Language: English
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  • 9
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    Düsseldorf: Düsseldorf Institute for Competition Economics (DICE)
    Publication Date: 2018-04-27
    Description: As the rise of populist and right-wing political movements is connected to extensive media coverage, the question arises whether media report more on political parties because of their success or if their success is caused by media reports. To tackle this question, we investigate how media coverage affects short- and long-term political preferences, namely party affiliation and voting intention. For our empirical analysis, we merge 14 years of human-coded data obtained from leading media in Germany with results of the comprehensive German Politbarometer survey from February 1998 through December 2012. To account for endogeneity, we employ instrumental variable estimations. In addition, we control for a multitude of (internal) personal characteristics, such as age, and gender, as well as for (external) macroeconomic variables, such as business climate, unemployment, and inflation. The results show that media coverage of a political party has a positive and significant effect on the shortterm voting intention for this party. When media outlets cover a political party more positively, the electorate has a greater tendency to vote for it. However, for long-term party affiliation, the effect vanishes. This is consistent with the economic theory. Long-term preferences are stable and, thus, contemporary events, such as media coverage, hardly affect supposedly stable preferences. However, in the long-term, party affiliation might also be affected.
    Keywords: C43 ; D72 ; ddc:330 ; political preferences ; voting intention ; media impact
    Language: English
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  • 10
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    Frankfurt am Main: SAFE - Sustainable Architecture for Finance in Europe
    Publication Date: 2018-04-27
    Description: In contrast to the popularity of financial education interventions worldwide, studies on the economic effects of those interventions report mixed results. With a focus on the effect on disadvantaged groups, we review both the theoretical and empirical findings in order to understand why this discrepancy exists. The survey first highlights that it is necessary to distinguish between the concepts of, and the relationships between, financial education, financial literacy and financial behavior to identify the true effects of financial education. The review addresses possible biases caused by third factors such as numeracy. Next, we review theories on financial literacy which make clear that the effect of financial education interventions is heterogeneous across the population. Last, we look closely at main empirical studies on financial education targeted at the migrants/immigrants, the low-income earners and the young, and compare their methodologies. There seems to be a positive effect on short-term financial knowledge and awareness of the young, but there is no proven evidence on long-term behavior after being grown up. Studies on financial behavior of migrants and immigrants show almost no effect of financial education.
    Keywords: G28 ; G41 ; I24 ; I25 ; I28 ; ddc:330 ; Financial Education ; Financial Literacy ; Inequality ; Program Evaluation
    Language: English
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  • 11
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    Berlin: De Gruyter | ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft Kiel, Hamburg
    Publication Date: 2018-04-30
    Description: This paper explores the e ffects of fi scal policy in an economy based on indirect taxes, and one that is constrained to taxing all (labor and capital) income at the same rate. The focus of the paper is on the relative importance of consumption vs. income taxation, as well as on the provision of utility-enhancing public services. To this end, a Real-Business-Cycle model, calibrated to Bulgarian data (1999-2014), was set up with a richer public finance side. Bulgarian economy was chosen as a case study due to its major dependence on consumption taxation as a source of tax revenue. To illustrate the e ffects of fiscal policy, two regimes were compared and contrasted to one another - exogenous vs. optimal (Ramsey) policy case. The main fi ndings from the computational experiments performed are: (i) The optimal steady-state (capital and labor income) tax rate is zero, as it is the most distortionary tax to use; (ii) The optimal steady-state consumption tax (the only source of revenue) has to almost double to finance the optimally-set level of government purchases.
    Keywords: D58 ; ddc:330 ; consumption tax ; income tax ; general equilibrium ; fiscal policy
    Language: English
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  • 12
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    Prague: Institute of Economic Studies, Faculty of Social Sciences, Charles University | ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft Kiel, Hamburg
    Publication Date: 2018-04-30
    Description: This paper explores the effects of fiscal policy in the presence of a VAT evasion channel, and then compares and contrasts two regimes - the exogenous vs. optimal policy case. To this end, a dynamic general-equilibrium model, calibrated to Bulgarian data (1999-2014), is augmented with a government sector. The main findings from the computational experiments performed in the paper are: (i) The optimal steady-state income tax rate is zero; (ii) The benevolent Ramsey planner provides the optimal amount of the valuable public services, which are now three times lower; (iii) The size of the grey sector is twice lower; (iv) optimal steady-state consumption tax needed to finance the optimal level of government spending is twice lower, as compared to the exogenous policy case.
    Description: Forthcoming
    Keywords: D58 ; E26 ; H26 ; ddc:330 ; consumption tax ; income tax ; VAT evasion ; general equilibrium ; fiscal policy ; Bulgaria
    Language: English
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  • 13
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    Kiel und Hamburg: ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
    Publication Date: 2018-04-30
    Description: This paper aims to elucidate the connectedness between major forex currencies and cryptocurrencies using the quantile cross-spectral approach recently proposed by Baruník and Kley (2015). The sample covers six forex currencies and six cryptocurrencies over the period of 1 September 2015 to 29 December 2017. Compared with the results obtained from standard correlations and detrended moving-average cross-correlation analysis (DMCA), the quantile cross-spectral approach provides richer information on the dependence structure across different quantiles and frequencies. The most interesting result is that the intra-group dependencies are positive in the lower extreme quantiles, while inter-group dependencies are negative. This result holds in both the short- and long-term perspectives. Thus, it is worth diversifying between these two currency groups.
    Keywords: G11 ; G15 ; F31 ; ddc:330 ; cryptocurrencies ; fiat currencies ; quantile dependence ; cross-spectral analysis ; diversification
    Language: English
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  • 14
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    Kiel und Hamburg: ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
    Publication Date: 2018-04-30
    Description: We show that in a exogenous growth model with non-market ("home") sector calibrated to Bulgarian data under the progressive taxation regime (1993-2007), the economy exhibits equilibrium indeterminacy due to the presence of non-market production. These results are in line with the findings in Benhabib and Farmer (1994, 1996) and Farmer (1999). Also, the findings in this paper are in contrast to Guo and Lansing (1988) who argue that progressive taxation works as an automatic stabilizer. Under the flat tax regime (2008-16), the economy calibrated to Bulgarian data displays saddle-path stability. The decrease in the average effective tax rate addresses the indeterminacy issue and eliminates the "stable focus" dynamics.
    Keywords: O41 ; J46 ; ddc:330 ; Progressive taxation ; Non-market sector ; Home production ; Equilibrium (In)determinacy
    Language: English
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  • 15
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    Kiel und Hamburg: ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
    Publication Date: 2018-04-30
    Description: Applying the Bayesian approach, a small open economy DSGE model was estimated using a sample of quarterly data for a macro-region formed by six Central Europe and Baltic economies: Czech Republic, Estonia, Hungary, Lithuania, Poland, and Slovakia. Estimates have been employed to investigate the effects of a financial crisis, exploring the role played by country differences in the relative performances. We also use our Bayesian estimations to compute two measures of resilience in the considered region.
    Keywords: E02 ; E32 ; E58 ; ddc:330 ; resilience ; Bayesian estimations ; financial crisis ; macroeconomic performance ; emerging markets
    Language: English
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  • 16
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    Prague: Czech National Bank
    Publication Date: 2018-04-30
    Description: The paper focuses on the estimation of the effective lower bound for the Czech National Bank's policy rate. The effective lower bound is determined by the value below which holding and using cash would be more convenient than deposits with negative yields. This bound is approximated based on storage, the insurance and transportation costs of cash and the costs associated with the loss of the convenience of cashless payments and complemented with the estimate based on interest charges, which present direct costs to the profitability of the bank. Overall, the estimated value is below -1% and is approximately in the interval -1.6%, -1.1%. In addition, by means of a vector autoregression, we show that the potential of negative rates would not be sufficient to deliver monetary policy easing with effects similar to those of the exchange rate commitment.
    Keywords: E52 ; E58 ; ddc:330 ; effective lower bound ; negative interest rates ; costs of holding cash ; transmission of monetary policy
    Language: English
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  • 17
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    Kiel und Hamburg: ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
    Publication Date: 2018-04-30
    Description: We use novel and unique data to study the effect of price changes in the market for luxury and middle class homes. We find that luxury home sales respond less to price changes than the middle-class home sales; in the market for luxury homes, past prices affect current prices; luxury home prices persist; and prices of luxury homes are stickier than prices of middle-class homes. Recent macroeconomic models predict that housing markets can have counter-cyclical effect, if home prices are flexible. Our findings imply that home prices, especially luxury home prices, may not be flexible enough to generate such effect.
    Keywords: E31 ; E32 ; R21 ; G14 ; D12 ; ddc:330 ; Housing market ; Luxury housing ; Housing demand ; Price rigidity ; Sticky prices ; Predictability ; Veblen Effect
    Language: English
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  • 18
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    San Francisco, CA: Public Library of Science
    Publication Date: 2018-04-30
    Description: This paper reports the results of a lab experiment designed to study the role of observability for peer effects in the setting of a simple production task. In our experiment, participants in the role of workers engage in a team real-effort task. We vary whether they can observe, or be observed by, one of their co-workers. In contrast to earlier findings from the field, we find no evidence that low-productivity workers perform better when they are observed by high-productivity co-workers. Instead, our results imply that peer effects in our experiment are heterogeneous, with some workers reciprocating a high-productivity co-worker but others taking the opportunity to free ride.
    Keywords: C91 ; J24 ; ddc:330 ; laboratory experiment ; peer group ; peer effects ; productivity ; work habits
    Language: English
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  • 19
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    Kiel und Hamburg: ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
    Publication Date: 2018-04-30
    Description: We augment an otherwise standard business cycle model with a richer government sector, and add monopolistic competition in the product market, and rigid prices, as well as rigid wages a la Calvo (1983) in the labor market. This specification with the nominal wage rigidity, when calibrated to Bulgarian data after the introduction of the currency board (1999-2016), allows the framework to reproduce better observed variability and correlations among model variables, and those characterizing the labor market in particular. As nominal wage frictions are incorporated, the variables become more persistent, especially output, capital stock, investment and consumption, which helps the model match data better.
    Keywords: D43 ; E32 ; ddc:330 ; business cycles ; monopolistic competition ; rigid (Calvo) prices ; rigid (Calvo) wages
    Language: English
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  • 20
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    Kiel und Hamburg: ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
    Publication Date: 2018-04-30
    Description: We introduce an environmental dimension into a real-business-cycle model augmented with a detailed government sector. We calibrate the model to Bulgarian data for the period following the introduction of the currency board arrangement (1999-2016). We investigate the quantitative importance of utility-enhancing environmental quality, and the mechanics of environmental ("carbon") tax on polluting production, as well as the effect of government spending on pollution abatement over the cycle. In particular, a positive shock to pollution emission in the model works like a positive technological shock, but its effect is quantitatively very small. Allowing for pollution as a by-product of production improves the model performance against data, and in addition this extended setup dominates the standard RBC model framework, e.g., Vasilev (2009).
    Keywords: E32 ; C68 ; Q58 ; ddc:330 ; Business cycles ; pollution ; environmental quality ; environmental tax ; abatement spending
    Language: English
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  • 21
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    Kiel und Hamburg: ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
    Publication Date: 2018-04-30
    Description: This paper characterized optimal fiscal policy - with environmental taxes, and public spending on abatement - in the presence of pollution, and evaluated it relative to the exogenous (observed) one in Bulgaria, an economy with a largely unreformed and polluting industry. The results are evaluated in light of the optimal environmental taxation of dirty production and the optimal spending on abatement, and the effect of those fiscal measures on the utility-enhancing environmental quality. To this end, a dynamic general-equilibrium model is calibrated to Bulgarian data (1999-2016). The main findings from the computational experiments performed are: (i) The optimal steady-state income tax rate is zero; (ii) The benevolent Ramsey planner provides twenty percent higher utility-enhancing environmental quality; (iii) The optimal level of carbon taxes is almost three times higher, and the optimal level of abatement spending is six times higher; (iv) The optimal steady-state consumption tax is twice lower.
    Keywords: C68 ; Q58 ; ddc:330 ; Ramsey policy ; pollution ; environmental tax ; environmental quality
    Language: English
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  • 22
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    Hoboken, NJ: Wiley
    Publication Date: 2018-04-30
    Description: Biocluster initiatives have become an important tool for governments to establish, promote, and strengthen economic collaboration, learning, innovation, and employment within particular regions. However, in addition to issues like competitiveness and employment, bioclusters operate with the additional goal of fostering the transition to a sustainable bioeconomy. The profound changes that are required for a successful shift from a fossil‐based economy to a bioeconomy are called transitions and the relatively new scientific field of transition theory has emerged to study them. The aim of this paper is to show the contribution that transition theory can make to the study of bioclusters. In this paper I will review frameworks from the study of sustainability transitions (multi‐level perspective and technical innovation systems) and frameworks from theories of evolutionary economic geography and cluster studies (regional and sectoral innovation systems). The review shows how the choice of a particular framework will shape the analysis of the biocluster through the particular focus and delineation associated with each framework. The review shows the advantages and disadvantages these frameworks have for incorporating the various issues related to the shift towards a bioeconomy that are currently neglected in the literature on bioclusters.
    Keywords: ddc:330 ; bioclusters ; innovation ; innovation systems ; multi‐level perspective (MLP) ; sustainability transitions
    Language: English
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  • 23
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    Lisbon: Cogitatio
    Publication Date: 2018-04-30
    Description: Although measuring democratic deliberation is necessary for a valid measurement of the performance of democracies, it poses serious theoretical and methodological challenges. The most serious problem in the context of research on democratic performance is the need for a theoretical and methodological approach for “upscaling” the measurement of deliberation from the micro and meso level to the macro level. The systemic approach offers a useful framework for this purpose. Building on this framework, this article offers a modular approach consisting of four parameters for conceptualization, measurement, and aggregation which can be adjusted to make the measurement of democratic deliberation compatible with the various general measurement approaches adopted by different scholars.
    Description: This article is part of the issue “Why Choice Matters: Revisiting and Comparing Measures of Democracy”, edited by Heiko Giebler (WZB Berlin Social Science Center, Germany), Saskia P. Ruth (German Institute of Global and Area Studies, Germany), and Dag Tanneberg (University of Potsdam, Germany).
    Keywords: ddc:330 ; deliberation ; democracy ; democratic performance ; measurement of democracy ; systemic approach
    Language: English
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  • 24
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    Kiel, Hamburg: ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
    Publication Date: 2018-04-30
    Description: This study investigates how West German spouses have responded by adjusting their time allocation to the alimony reform introduced in 2008. This reform imposed financial self-responsibility after a finalized divorce. It weakened the relative bargaining position of the spouse with a claim for maintenance in the case of a potential divorce prior to the law change. Therefore, the present study helps to verify bargaining models by considering the 2008 policy change as a shift of spousal bargaining power. Estimating difference-in-differences models I find that, indeed, wives who face a potential low alimony loss might have increased their working hours as a result of the 2008 reform. To my knowledge, the present investigation is the first analysis of the behavioral response of individuals in longer marriages to the 2008 reform. Its approach to identifying those who have been (dis)advantaged by this reform is a new one, proposing a method that reflects the realities of alimony arrangements in Germany.
    Keywords: D13 ; J12 ; J13 ; J22 ; K36 ; ddc:330 ; Alimony ; Family ; Bargaining ; Institutional change ; Labor supply ; Time allocation
    Language: English
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  • 25
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    Iasi: Lumen International Publishing
    Publication Date: 2018-04-30
    Description: This article addressed historical aspects of the political economy involving sustained forest ecology in Sierra Leone as a whole, with emphasis on the Freetown Peninsula and its surrounding communities. Attention is paid to cultural, social and economic aspects involving forest livelihoods of residents on the Freetown Peninsula and far afield. The term 'Political Economy' is used in this situation to denote the relationship between the economics of people's livelihoods and public policy (in relation to the management of legislative procedures) in ensuring that resources in the forest environment is sustainably managed to cater for the livelihood needs of people in Sierra Leone, while at the same time maintaining a balance in protecting the forest ecosystems. The paper has provided a critical review of the political economy of forest ecology in the country on the basis of scholarly discourses, and its applicability in adapting to the fragile political administrative management Sierra Leone have (and is continuing to) experienced.
    Description: This is based on the author's extensive literature on natural resource management in Sierra Leone.
    Description: Cet article aborde les aspects historiques de l'économie politique impliquant une écologie forestière durable dans l'ensemble de la Sierra Leone, en mettant l'accent sur la péninsule de Freetown et ses environs. communautés. Une attention particulière est accordée aux aspects culturels, sociaux et économiques impliquant les moyens de subsistance des habitants de la péninsule de Freetown et de loin. Le terme «économie politique» est utilisé dans cette situation pour désigner la relation entre l'économie des moyens de subsistance des populations et la politique publique (en relation avec la gestion des procédures législatives) pour assurer la gestion durable des ressources dans l'environnement forestier. besoins de la population en Sierra Leone, tout en maintenant un équilibre dans la protection de la forêt les écosystèmes. Le document a fourni un examen critique de l'économie politique de l'écologie forestière dans le pays sur la base de discours savants, et son applicabilité dans l'adaptation à la gestion administrative politique fragile de la Sierra Leone (et est continuer à) expérimenté.
    Keywords: Q01 ; Q57 ; ddc:330 ; Political Economy ; Forest Ecology ; Critical Discourse ; Sustainability ; Sierra Leone
    Language: English
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    Kiel, Hamburg: ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
    Publication Date: 2018-04-30
    Description: We augment an otherwise standard business cycle model with a richer government sector, and add a modified cash in advance considerations, and one-period-ahead nominal wage contracts. In particular, the cash in advance constraint of Cooley and Hansen (1989) is extended to include private investment and government consumption. This specification, together with the nominal wage rigidity, when calibrated to Bulgarian data after the introduction of the currency board (1999-2016), gives a role to money in propagating economic uctuations. In addition, the combinations of these ingredients allows the framework to reproduce better observed variability and correlations among model variables, and those characterizing the labor market in particular.
    Keywords: E32 ; ddc:330 ; business cycles ; modified cash-in-advance constraint ; one-period nominal wage contracts
    Language: English
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  • 27
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    Chennai: International Association of Engineering and Management Education (IAEME)
    Publication Date: 2018-04-30
    Description: The Public-Private Partnerships (3Ps) is a proven model in many countries and the past its implementation in many domains like transportation, power, water and sanitary, education and for an affordable housing project. With the application of 3P in the General pool, residential accommodation houses construction for the Government employees based on rationing has created a gap in which all the parties’ cooperation helps in attain the desired goal and support in overcoming the problems. The private sector contributes through their quick access to funds, investment potential, efficiency, innovativeness, and skills, while the government organisations are responsible for accessing the risks and meeting the responsibilities. This research focuses the issues on implementing the 3P model for General Pool residential building with a model evaluation study. The study results indicate the factors responsible for successful implementation and peril perceptions of different stakeholders. This model of 3P’s is suitable for evaluation of policy framework with the Government of India.
    Keywords: R58 ; ddc:330 ; Public-Private Partnerships (3Ps) ; general pool residential accommodation ; critical success ; critical restricting factors
    Language: English
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    Kiel und Hamburg: ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
    Publication Date: 2018-04-30
    Description: In recent years, the increasing awarding of patents has captured the attention of scholars operating in different fields. The economic literature has studied the causes of this proliferation; we propose an entry game focusing on one of the consequences, showing how an incumbent may create a patent portfolio in order to control market entry and to collude. The incumbent fixes the level of patent protection and the threat of denunciation reduces the entrant's expected profits; moreover, if the entrant deviates from collusion, the incumbent can strengthen punishment suing the competitor for patent infringement, reducing her incentive to deviate. Our analysis suggests that antitrust authorities should pay attention to the level of patent protection implemented by the incumbent and note whether the holder of a patent reacts to entry by either suing or not suing the competitor. In the model, we use completely general functional forms in analyzing the issues, and this allows us to obtain general results not depending on the assumptions about the kind of oligopolistic competition.
    Keywords: D43 ; K21 ; L13 ; ddc:330 ; patents ; litigation ; collusion ; entry game
    Language: English
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    Publication Date: 2018-04-30
    Description: In the last decade of XX century, has expanded the area of capital movements, which included the former socialist countries. Thus, the countries that are attracting some of the centers of the capital and at the same time, participate in the export of capital, it is impossible not to have engaged in a global economy. Our country has been greatly involved in the processes of globalization. At the same time, Georgia's future development will depend on how the country is adapting to globalization with the need for policy implementation, the political, economic and organizational actuating levers. In this regard, the need for more emphasis on the intellectual forces of international finance - financial institutions with their own interests, the use of integrated approaches to economic development, high rates of achievement, social and economic policy harmonization, social inequality mitigation. Finally, the orientation of foreign economic priorities have to be organic in conjunction with the ongoing processes, it must define the strategic objectives of the national economy.
    Keywords: F36 ; H30 ; E60 ; ddc:330 ; Public Finance ; Financial Aspects ; Economic Integration ; Macroeconomic Policy ; Fiscal Policy
    Language: English
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  • 30
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    Amsterdam [u.a.]: Elsevier
    Publication Date: 2018-04-30
    Description: In this paper we aim to analyse economic and social transition factors affecting the agricultural labor force and to understand the feminization phenomenon in rural Tajikistan. Agrarian reforms, seasonal male labor outmigration, and the subsequent increase in women's labor participation have facilitated changes in gender occupational segregation. We assume that in post-Soviet transition countries such as Tajikistan, the process of feminization grew from the need to take on jobs and to to slip in the role of the breadwinner due to the absence of men. The process enabled women to gain knowledge and experience in new employment positions. We contribute to the knowledge on feminization by conducting qualitative, case based analysis through in-depth interviews and focus group discussions and present unique data on previously unobserved employment categories and their characteristics from the Sughd province of Tajikistan. Results suggest that existing local systems of power and male-dominated relationships are being challenged due to male labor force outmigration, leading to a feminization of the remaining labor force and recipient clients. The jobs women perform remain subject to low protection, security, and earnings. However, increased participation in the labor force provides a gateway to a wider spectrum of labor opportunities and advances women's roles in primary agricultural production as well as in the service supply sector, and provides them a certain amount of control over their own lives.
    Keywords: ddc:330 ; Gender ; Post-Soviet agriculture ; Feminization ; Farm and water management ; Service providers ; Central Asia
    Language: English
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    s.l.: Alkhaer Publications
    Publication Date: 2018-04-30
    Description: In this empirical work, cognisance has been given to providing a review of literature on the seasonal Box- Jenkins modelling, particularly with reference to a univariate model. Seasonal pattern of Headline Consumer Price Index (HCPI) has been produced for Sierra Leone and with EVIEWS making use of best model selection of (6,0)(0,0). Data were seasonally adjusted with iteration and sufficient diagnostic test outcomes showing that forecast using Static method yielded best outcome, with Year-on-Year inflation over the three monthly period forecasted outcomes. The correlogram of the resultant series revealed very stable outcome of the results, while MAPE for the forecast evaluation revealing marginal error for the outcome, indicating that the model is quite adequate with the chosen methodology.
    Description: This publication is based on Time Series Econometric forecasting for Inflation in Sierra Leone using Box-Jenkins methodology [ARIMA]
    Description: Dans ce travail empirique, on a pris connaissance de la revue de la littérature sur les Modélisation de Jenkins, en particulier en référence à un modèle univarié. La tendance saisonnière de l'indice des prix à la consommation global (IPCH) a été produite pour la Sierra Leone et avec EVIEWS en utilisant le meilleur modèle de sélection (6,0) (0,0). Les données ont été corrigées des variations saisonnières avec l'itération et les résultats des tests de diagnostic suffisants montrant que les prévisions utilisant la méthode statique ont donné les meilleurs résultats, avec une inflation d'une année à l'autre sur les trois résultats mensuels prévus. Le corrélogramme de la série résultante a révélé un résultat très stable des résultats, alors que MAPE pour l'évaluation des prévisions révélait une erreur marginale pour le résultat, indiquant que le modèle est tout à fait adéquat avec la méthodologie choisie.
    Keywords: C53 ; ddc:330 ; ARIMA Model ; Time Series ; HCPI ; Sierra Leone
    Language: English
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    Lagos, Nigeria: Academic Journals
    Publication Date: 2018-04-30
    Description: This article aims to examine the long and short run relationship between agricultural exports and agriculture share of GDP. Links between series considered are assessed by co-integration analysis using Johansen co-integration technique and ECM-GARCH. Results indicate a positive link in the short and long term between agricultural exports and agriculture share of GDP, as well as co-integration between the pairs of series used. Also it can be found that increases in agricultural exports were followed by increases in agriculture share of GDP. Agriculture exports and agriculture share of GDP elasticities are 0.62. The past shocks and agricultural exports increased agriculture share of GDP volatility.
    Keywords: F13 ; F14 ; F15 ; F40 ; Q17 ; ddc:330 ; Agricultural exports ; Agricultural economic growth ; Co-integration analysis ; Johansen co-integration ; ECM-GARCH
    Language: English
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    Lisbon: Cogitatio
    Publication Date: 2018-04-30
    Description: Measures of democracy are in high demand. Scientific and public audiences use them to describe political realities and to substantiate causal claims about those realities. This introduction to the thematic issue reviews the history of democracy measurement since the 1950s. It identifies four development phases of the field, which are characterized by three recurrent topics of debate: (1) what is democracy, (2) what is a good measure of democracy, and (3) do our measurements of democracy register real-world developments? As the answers to those questions have been changing over time, the field of democracy measurement has adapted and reached higher levels of theoretical and methodological sophistication. In effect, the challenges facing contemporary social scientists are not only limited to the challenge of constructing a sound index of democracy. Today, they also need a profound understanding of the differences between various measures of democracy and their implications for empirical applications. The introduction outlines how the contributions to this thematic issue help scholars cope with the recurrent issues of conceptualization, measurement, and application, and concludes by identifying avenues for future research.
    Description: Editorial of the issue “Why Choice Matters: Revisiting and Comparing Measures of Democracy”, edited by Heiko Giebler (WZB Berlin Social Science Center, Germany), Saskia P. Ruth (German Institute of Global and Area Studies, Germany), and Dag Tanneberg (University of Potsdam, Germany).
    Keywords: ddc:330 ; application ; conceptualization ; democracy ; democratic quality ; measurement
    Language: English
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    Kiel und Hamburg: ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
    Publication Date: 2018-04-30
    Description: I fit a high-dimensional macroeconomic dataset of 41 countries to a factor-augmented vector autoregressive model to examine the role of the recent Chinese economic slowdown for international inflation dynamics. I identify Chinese supply and demand shocks and examine their contributions to international price indicators. My main findings are: (i) Impulse response analyses indicate that Chinese business cycle shocks and especially demand shocks significantly spill over to inflation rates in Europe, North America, Asia and Oceania, mainly transmitted through global oil, commodity and manufacturing prices. (ii) The Chinese growth slowdown that started in 2012 can be attributed to a fall in aggregate Chinese demand and supply. (iii) Historical decompositions indicate that the fall in Chinese demand lowered national prices in Europe, North America, Asia and Oceania by up to 12 percent from the third quarter of 2013 on.
    Keywords: ddc:330 ; China’s Economic Slowdown ; Global inflation ; Spillovers ; Factor Augmented Vector Autoregressive Model
    Language: English
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  • 35
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    Maastricht: Global Labor Organization (GLO)
    Publication Date: 2018-05-01
    Description: We present experimental evidence on the impact of delivering double-fortified salt (DFS), salt fortified with iron and iodine, through the Indian school-feeding program called “midday meal” on anemia, cognition, and math and reading outcomes of primary school children. We conducted a field experiment that randomly provided one-year supply of DFS at a subsidized price to public primary schools in one of the poorest regions of India. The DFS treatment had significantly positive impacts on hemoglobin levels and reduced the prevalence of any form of anemia by 9.3 percentage points (or about 20 percent) but these health gains did not translate into statistically significant impacts on cognition and test scores. While exploring the heterogeneity in effects, we find that treatment had statistically significant gains in anemia and test scores among children with higher treatment compliance. We further estimate that the intervention was very cost effective and can potentially be scaled up rather easily.
    Keywords: C93 ; I1 ; O11 ; ddc:330 ; Double-fortified salt ; education ; anemia ; school feeding ; India ; randomized controlled trial
    Language: English
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  • 36
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    Halle (Saale): Leibniz Institute of Agricultural Development in Transition Economies (IAMO)
    Publication Date: 2018-05-01
    Description: We examine the plausibility of four established and innovative identification strategies for agricultural production functions using farm-level panel datasets from five EU countries. Newly suggested proxy and dynamic panel approaches provide attractive conceptual improvements over received Within and duality models. Even so, empirical implementation of such advancements does not always live up to expectations. This is particularly true for the dynamic panel estimator, which mostly failed to identify reasonable elasticities for the (quasi-) fixed factors. Less demanding proxy approaches represent an interesting alternative for agricultural applications. In our EU sample, high production elasticities for materials prevail. Hence, improving the availability of working capital is the most promising way to increase agricultural productivity.
    Description: Auf der Grundlage von einzelbetrieblichen Paneldatensätzen aus fünf EU Ländern untersuchen wir die Plausibilität von vier etablierten und innovativen Identifikationsstrategien für landwirtschaftliche Produktionsfunktionen. Die in jüngerer Zeit vorgeschlagenen Proxy- und dynamischen Panel-Ansätze bieten aussichtsreiche konzeptionelle Verbesserungen gegenüber herkömmlichen "Within" und Dualitätsmodellen. Die empirische Umsetzung dieser Weiterentwicklungen erfüllt jedoch nicht immer die Erwartungen. Dies trifft besonders auf den dynamischen Panel-Schätzer zu, dem es überwiegend nicht gelang, glaubwürdige Elastizitäten für die (quasi-) fixen Faktoren zu identifizieren. Weniger anspruchsvolle Proxy-Ansätze stellen eine interessante Alternative für landwirtschaftliche Anwendungen dar. In unserer EU Stichprobe fanden wir überwiegend hohe Produktionselastizitäten für Betriebsmittel. Die Verbesserung der Verfügbarkeit von Betriebsmittelkrediten erscheint daher als vielversprechender Weg, um die landwirtschaftliche Produktivität zu erhöhen.
    Keywords: C13 ; C23 ; D24 ; Q12 ; ddc:330 ; agricultural factor productivity ; production function estimation ; EU ; Farm Accountancy Data Network ; Landwirtschaftliche Faktorproduktivität ; Schätzung von Produktionsfunktionen ; Testbetriebsnetz
    Language: English
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  • 37
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    Berlin: Deutsches Institut für Wirtschaftsforschung (DIW)
    Publication Date: 2018-05-03
    Description: The authors analyze gender differences in fairness perceptions of own wages and subsequent wage growth. The main finding is that women perceive their wage more often as fair if controls for hourly wage rates, individual and job-related characteristics are taken into account. Furthermore, the gender difference is more pronounced for married than for single women. This points to the fact that social norms, gender roles, and gender identity are at least partly responsible for the gap in fairness perceptions. Further analysis shows that individuals, who perceive their wage as unfair, experience larger wage growth in subsequent years. An explanation would be that a wage perceived as unfair triggers negotiations for a better wage or induces individuals to search for better paid work. Thus, differences in wage perceptions can contribute to explain the nowadays still persistent gender wage gap.
    Keywords: J16 ; J31 ; J71 ; A12 ; ddc:330 ; gender differences ; fairness ; social norms ; wages ; wage growth
    Language: English
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    Berlin: Deutsches Institut für Wirtschaftsforschung (DIW)
    Publication Date: 2018-05-03
    Description: Many studies confirm that marriage does not have lasting effects on levels of happiness, whereas divorce induces serious, scarring effects through social stigma. However, few academic efforts have been made regarding how remarriage after divorce impacts the subjective well-being (SWB) of the divorced. Taking into consideration that remarriage often entails regaining social acceptance, this paper examines the possibly different patterns of happiness depending on marital order. Specifically, this longitudinal study uses the German Socio-Economic Panel (SOEP) data set in order to compare SWB trajectories around first and subsequent marriages. The results show that the remarried go through a significantly greater boost in happiness than the first-married during the transition phase. Moreover, while life satisfaction that increased in the years around the first marriage quickly returns to the initial baseline, remarriage generates a lasting increase. This paper provides a complementary perspective to existing researches on divorce and debates over the hedonic treadmill theory.
    Keywords: ddc:330 ; Remarriage ; Subjective well-being ; Life course ; Social stigma
    Language: English
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  • 39
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    Berlin: Deutsches Institut für Wirtschaftsforschung (DIW)
    Publication Date: 2018-05-03
    Description: We investigate the role of individual labor income as moderator of the parental subjective well-being trajectories around the first childbirth. By analyzing the German Socioeconomic Panel Survey data, we find that high-income parents enjoy their first child less than low-income ones. In a low fertility country such as Germany, income seems therefore to matter negatively for parental subjective well-being after childbirth, though with important differences by gender. Among mothers, there is a positive and significant anticipation effect (i.e. increased subjective well-being) from becoming a parent, and this is higher for lower-income women. Conversely, during the years after the childbearing event, middle and high income women present a significant negative variation with respect to pre-child subjective well-being set-point, but only starting from the second year after childbirth. Among men, the anticipation effect is not present, whereas in the years following the childbirth there is an immediate strong decline in subjective well-being for fathers in the higher income groups. We discuss these findings in terms of preferences among different groups of parents and the differential costs of children - the latter closely related to difficulties in reconciling work and family.
    Keywords: ddc:330 ; first child ; subjective well-being ; individual income ; Germany
    Language: English
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  • 40
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    Berlin: Deutsches Institut für Wirtschaftsforschung (DIW)
    Publication Date: 2018-05-03
    Description: This paper examines the degree of persistence in UK inflation by applying long-memory methods to historical data that span the period from 1660 to 2016. Specifically, we use both parametric and non-parametric fractional integration techniques, that are more general than those based on the classical I(0) vs. I(1) dichotomy. Further, we carry out break tests to detect any shifts in the degree of persistence, and also run rolling-window and recursive regressions to investigate its evolution over time. On the whole, the evidence suggests that the degree of persistence of UK inflation has been relatively stable following the Bretton Woods period, despite the adoption of different monetary regimes. The estimation of an unobserved-components stochastic volatility model sheds further light on the issues of interest by showing that post-Bretton Woods changes in UK inflation are attributable to a fall in the volatility of permanent shocks.
    Keywords: C14 ; C22 ; E31 ; ddc:330 ; UK inflation ; persistence ; fractional integration
    Language: English
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  • 41
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    Berlin: Deutsches Institut für Wirtschaftsforschung (DIW)
    Publication Date: 2018-05-03
    Description: We analyze whether start-up rates in different industries systematically change with business cycle variables. Using a unique data set at the industry level, we mostly find correlations that are consistent with counter-cyclical influences of the business cycle on entries in both innovative and non-innovative industries. Entries into the largescale industries, including the innovative part of manufacturing, are only influenced by changes in the cyclical component of unemployment, while entries into small-scale industries, like knowledge intensive services, are mostly influenced by changes in the cyclical component of GDP. Thus, our analysis suggests that favorable conditions in terms of high GDP might not be germane for start-ups. Given that both innovative and non-innovative businesses react counter-cyclically in 'regular' recessions, business formation may have a stabilizing effect on the economy.
    Keywords: E32 ; L16 ; L26 ; R11 ; ddc:330 ; new business formation ; entrepreneurship ; business cycle ; manufacturing ; services ; innovative industries
    Language: English
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  • 42
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    Berlin: Deutsches Institut für Wirtschaftsforschung (DIW)
    Publication Date: 2018-05-03
    Description: This paper investigates whether personality traits can explain glass ceilings (increasing gender wage gaps across the wage distribution). Using longitudinal survey data from Germany, the UK, and Australia, I combine unconditional quantile regressions with wage gap decompositions to identify the effect of personality traits on wage gaps. The results suggest that the impact of personality traits on wage gaps increases across the wage distribution in all countries. Personality traits explain up to 14.5% of the overall gender wage gap. However, controlling for personality traits does not lead to a significant reduction of unexplained wage gaps in most cases.
    Keywords: C21 ; J16 ; J31 ; ddc:330 ; non-cognitive skills ; personality traits ; unconditional quantile regression ; gender wage gap ; glass ceiling
    Language: English
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  • 43
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    Frankfurt a. M.: Goethe University, SAFE - Sustainable Architecture for Finance in Europe
    Publication Date: 2018-02-14
    Description: Even if the importance of micro data transparency is a well-established fact, European institutions are still lacking behind the US when it comes to the provision of financial market data to academics. In this Policy Letter we discuss five different types of micro data that are crucial for monitoring (systemic) risk in the financial system, identifying and understanding inter-linkages in financial markets and thus have important implications for policymakers and regulatory authorities. We come to the conclusion that for all five areas of micro data, outlined in this Policy Letter (bank balance sheet data, asset portfolio data, market transaction data, market high frequency data and central bank data), the benefits of increased transparency greatly offset potential downsides. Hence, European policymakers would do well to follow the US example and close the sizeable gap in micro data transparency. For most cases, relevant data is already collected (at least on national level), but just not made available to academics for partly incomprehensible reasons. Overcoming these obstacles could foster financial stability in Europe and assure level playing fields with US regulators and policymakers.
    Keywords: ddc:330 ; micro data transparency ; financial stability ; financial market data
    Language: English
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  • 44
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    Kiel: Kiel Institute for the World Economy (IfW)
    Publication Date: 2018-02-14
    Description: The authors develop a model of cheap talk with multiple speakers in the presence of network externalities so that their utility functions are increasing in the network size. They first show that if there is no noise in private information that each sender receives, the full information is revealed by the harshest cross-checking strategies, that is, strategies to punish the senders unless their messages exactly coincide. Then, the authors show that with even a small noise cross-checking strategies cannot induce full revelation if utility functions of senders are linear in the network size, while full revelation is possible if utility functions are strictly concave. They find a sufficient condition for the existence of a fully revealing equilibrium which is supported by the cross-checking strategy with a positive confidence interval independent of each sender's private information.
    Keywords: C7 ; D8 ; ddc:330 ; cheap talk ; cross-checking strategy ; fully revealing equilibrium ; network externality ; word-of-mouth communication
    Language: English
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  • 45
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    Kiel: Kiel Institute for the World Economy (IfW)
    Publication Date: 2018-02-14
    Description: This paper examines the impact of income growth and income inequality on household saving rates and payoffs in a non-cooperative game where each player's payoff depends on her present and future consumption and her rank in the present-consumption distribution. The setting is a pooling equilibrium with three clusters of successive income groups, each cluster having its own present-consumption standard and rank in the present-consumption distribution. In this way the analysis addresses the saving behaviour and welfare of three social classes: the lower, middle and upper class. The author finds explanations for the Easterlin paradox and the Kuznets consumption puzzle and concludes that rank concerns tend to weaken the standard effect of inequality on aggregate saving.
    Keywords: C72 ; D31 ; D62 ; E21 ; I31 ; Z10 ; ddc:330 ; status ; relative consumption ; saving ; income inequality ; income growth
    Language: English
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  • 46
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    Kiel: Kiel Institute for the World Economy (IfW)
    Publication Date: 2018-02-14
    Description: The United Nations in February 2017 declared a famine emergency in light of the imminent danger of starvation facing an estimated 20 million people in four countries, and appealed urgently for US$4 billion to meet immediate needs. Other countries face grave food shortages that present urgent humanitarian needs and undermine long term prospects for peace and development. A feature of contemporary hunger crises is their tight links to conflicts. Religious institutions and leaders are actively involved in the immediate and specific famine situation affecting African nations and Yemen and in efforts to end the conflicts that are the primary cause of famine. More broadly, religious leaders are acting to achieve the United Nations Sustainable Development Goal (SDG) 2, Zero Hunger, by 2030. The imperative to act on hunger is shared across religious divides, and the common purpose that binds different religious communities portends well for peacebuilding and progress in the affected areas. Religious actors should thus be an integral part of the international response to famine emergencies as well as to the Zero Hunger challenge. The urgent crises are pertinent for G20 members and should be prominent on G20 agendas. G20 attention and support to religious roles could enhance responses to the famine and peacebuilding in affected areas and thus contribute to unlocking the potential of the affected countries. Interfaith and intrafaith action on SDG 2, highlighted as part of the global agenda, can speed progress towards Zero Hunger.
    Keywords: Q18 ; ddc:330 ; Famine ; Sustainable Development Goals ; Zero Hunger ; Starvation ; Catholic ; Muslim ; South Sudan ; Nigeria ; Somalia ; Yemen ; Myanmar ; Rohingya ; Interfaith
    Language: English
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    Kiel: Kiel Institute for the World Economy (IfW)
    Publication Date: 2018-02-14
    Description: The paper provides firm-level insights into the drivers of foreign technology licensing from the perspective of the licensee, using data across 114 nations. Drawing on the theoretical foundations related to knowledge spillovers, results show that manufacturing firms with own R&D capabilities were more likely to license foreign technologies, as were larger firms and those situated in the nations' main business city. Greater literacy facilitated foreign technology licensing, while overall economic prosperity of a nation did not have a significant impact. Interestingly, higher domestic interest rates, related to capital costs and to overall monetary policy, induced firms to license technology from abroad. Finally, some institutions like greater economic freedom aided technology licensing, while others like strong patent protection were not found to have a sizable impact.
    Keywords: L24 ; O33 ; O57 ; ddc:330 ; technology licensing ; R&D ; firm size ; location ; taxes ; informal competition
    Language: English
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    Brussels: European Centre for International Political Economy (ECIPE)
    Publication Date: 2018-02-15
    Description: Governments use taxation as a policy instrument to create a favourable business climate in the face of competition from neighbouring countries. Tech companies appear to be bearing the brunt of the blame associated with this geopolitics of tax, even though it is actually governments who set tax law and determine the international allocation of profit. The prevailing public perception that tech companies pay less corporate taxes is a myth: A comparison of the global effective tax rates (ETRs) paid by some of the world's largest internet firms worldwide shows that they pay taxes which are on average with those of leading businesses across the Asia-Pacific region. In addition, the biggest companies from Silicon Valley pay similar or even higher rates than those paid by many other internet companies in the Asia-Pacific region. The real question is where corporate taxes are paid. Most businesses tend to keep their key functions and production capacities in the country where they were once founded. By extension, they also tend to pay their taxes in that country. If Silicon Valley was to engage in profit shifting, they would be moving their profits in the other direction: To Asia, where the growth rates are higher and corporate tax rates are lower - not vice versa ...
    Keywords: ddc:330
    Language: English
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    Mannheim: Zentrum für Europäische Wirtschaftsforschung (ZEW)
    Publication Date: 2018-02-15
    Description: The paper investigates the reaction of public R&D spending on economic crises. We are interested in two counteracting motives: On the one hand, public R&D spending can be seen as a means to fight the crisis, and governments may decide to increase their R&D budgets. On the other hand, a crisis reduces public income and urges governments to cut spending, which may negatively affect public R&D budgets. Using panel data from 26 OECD countries over the period 1995 to 2015, we investigate how public R&D expenditure changes over the business cycle for different types of government R&D expenditure. On average, we find evidence for a strong pro-cyclical effect on public R&D investments. But country heterogeneity matters. Whereas European innovation leaders and non-EU countries pursue a counter-cyclical strategy, innovation followers and moderate innovators behave pro-cyclical. This leads to an increasing innovation gap in Europe. Short-run and long-run financing conditions (budget surplus and government debt levels) also significantly affect public R&D spending. However, there is no evidence that economic crises systematically affect the composition of public R&D spending along different thematic areas or by beneficiaries.
    Keywords: H54 ; H12 ; H61 ; ddc:330 ; public R&D expenditure ; economic crisis ; OECD ; panel data
    Language: English
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    Brussels: European Centre for International Political Economy (ECIPE)
    Publication Date: 2018-02-15
    Description: One of the most tone-deaf suggestions in the Brexit proceedings so far came in August 2017, when the UK Brexit team released a long-awaited position paper setting out its proposal on how to manage its border with Ireland. It suggested that "technology-based solutions" - meaning blockchain, the technology behind cryptocurrencies such as Bitcoin - could be implemented to "make it easier to comply with customs procedures." The UK's vague and misguided solution was quickly ridiculed by experts at home, as well as seasoned counterparts abroad. Although blockchain technology has now been around for ten years, it has not seen any meaningful implementation in global supply-chains, let alone within customs offices. Indeed, a "seamless and frictionless" border in compliance with fundamental customs procedures - itself a unicorn - cannot simply be coded into existence on its own. In reality, questions of capacity and time constraints mean that technological solutions are actually unworkable ...
    Keywords: ddc:330
    Language: English
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    Mannheim: Zentrum für Europäische Wirtschaftsforschung (ZEW)
    Publication Date: 2018-02-15
    Description: A new type of player occurs in the sharing economy: a vertically integrated consumer who owns production facilities and has direct market access, often termed "active prosumer". The prosumer faces a trade-off between market transaction cost and substantial strategic potential to influence both market demand and supply by her decisions. We discuss optimal marketing and production decisions in light of this trade-off. An empirical application to the German-Austrian electricity market demonstrates substantial incentives for active market participation by recently added decentralized renewables production. Prosumers can achieve considerable profit increases by switching roles of net market supplier or customer.
    Keywords: ddc:330 ; Active Prosumer ; Capacity Withholding ; Self-Supply ; Vertical Integration ; Consumer Production ; Market Participation Cost
    Language: English
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    Publication Date: 2018-01-02
    Description: Comprehensive digitization leads to new chal-lenges because of cybercrime and related security countermeasures. There is no doubt that this will fundamentally affect our lives and is leading to an increase in the importance of information security (IS). However, technology solutions alone are not sufficient to ensure IS countermeasures. The human side of security is important to protect organizational assets like user information and systems. The paper illustrates these relationships in terms of information security awareness (ISA), examining its goals and the factors influencing it through the systematic analysis and review of scientific literature and the transfer of scientific knowledge for practical purposes. We reviewed the publications of leading academic journals in the field of IS over the past decade.
    Keywords: ddc:000 ; ddc:658
    Language: English
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    Maastricht: Global Labor Organization (GLO)
    Publication Date: 2018-02-20
    Description: This paper investigates the rationales for the successful economic transition in Vietnam by applying organizational ecology theory. We claim that Vietnam could achieve a smooth transition because the country preserved the strong institutional capacity of the state in parallel with an instant market liberalization approach. Instead of transforming state-owned firms directly into private-owned firms, the economy produced a population of collectively owned and mixed-ownership enterprises that coexisted with state-owned firms to pave the way for the large-scale emergence of privately owned firms afterward. The mechanism underpinning this transition path lies in the evolution and interaction among three organizational forms during the various stages of the transition. Initially, the new private sector emerges and survives because of receiving “legitimacy spillovers” from the well-legitimized collective and mixed sector that shares some “identity overlap”. Overtime, as the private sector accumulates its constitutive legitimacy it competes with and challenges the existence of the old state and collective sector. Finally, the Schumpeterian “creative destruction” process replaces the old sector with the new dominant sector. Empirically, we test this mechanism using the census data of firms operating in Vietnam during 2000-2010, a period following the “doimoi” policy in 1986 that officially recognized private firms in the constitution and included them in the government’s annual statistical coverage. We apply Blundell and Bond’s generalized method of moments (GMM) estimation technique and Cox’s proportional hazard model to study the interaction effects of economic sectors in terms of profitability and survival respectively.
    Keywords: L2 ; O2 ; O5 ; ddc:330 ; ecology theory ; ecological process ; ownership type ; organizational form ; economic sector ; transition country ; Vietnam
    Language: English
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    Maastricht: Global Labor Organization (GLO)
    Publication Date: 2018-02-20
    Description: Is the Euro area as a whole, or are individual Euro-area member countries facing a period of sustained lower economic growth, a phenomenon known as secular stagnation? We tackle this question by estimating equilibrium real interest rates and comparing them to actual real rates. Since the financial crisis has altered the degree of leverage in several European economies, we expand our model to incorporate the financial cycle. We estimate the model for the Euro area as a whole and for nine Euro-area member countries. Incorporating the financial cycle changes the estimated equilibrium real interest rates: For some Euro-area member countries, estimates of the equilibrium real interest rate are substantially higher than the standard estimates. In other cases, including our estimates for the Euro area as a whole, the estimated equilibrium real rates are slightly lower than without taking the financial cycle into account but are still higher than the actual rates. This indicates that real monetary policy rates were set even more systematically and consistently below (or not as far above) the natural real rate. Comparing the sequence of actual and equilibrium real rates, only Belgium, France, and Greece are likely to face a period of secular stagnation.
    Keywords: E43 ; F45 ; C32 ; ddc:330 ; equilibrium real interest rate ; Euro area ; financial cycle ; heterogeneity ; monetary policy ; secular stagnation
    Language: English
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    Stuttgart: Institut für Sozialwissenschaften, Universität Stuttgart
    Publication Date: 2018-02-15
    Description: Sustainable innovations can help to find ways of addressing major challenges such as global warming and resource consumption. This article begins by clarifying the specific inconsistencies within the concept, before introducing the research on sustainability-oriented innovation processes. This research is geared in part towards sustainability innovations in organisations and in part towards overarching processes of societal transformation for sustainable development. The article concludes by discussing strategies for promoting sustainable innovation and drawing consequences for the sustainable rebuilding of infrastructure.
    Description: Nachhaltige Innovationen können dazu beitragen, Antworten auf die großen Herausforderungen wie globale Erwärmung und Ressourcenverbrauch zu finden. Der Beitrag klärt einleitend die spezifischen Widersprüchlichkeiten des Konzepts und führt dann in die Forschung zu nachhaltigkeitsorientierten Innovationsprozessen ein. Diese richtet sich teils auf Nachhaltigkeitsinnovationen in Organisationen und teils auf übergreifende, gesellschaftliche Transformationsprozesse für eine nachhaltige Entwicklung. Abschließend werden Strategien ihrer Förderung diskutiert und Konsequenzen für einen nachhaltigen Infrastrukturumbau abgeleitet.
    Keywords: ddc:300
    Language: English
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    Mannheim: Zentrum für Europäische Wirtschaftsforschung (ZEW)
    Publication Date: 2018-02-15
    Description: I investigate the impact of the European Union Emissions Trading Scheme (EU ETS) on fuel efficiency of fossil fuel power plants using administrative micro data on power plants in Germany from 2003 to 2012. I find positive efficiency effects in fuel use, leading to a decrease in fuel input of 0.4 percent for an increase in carbon cost of one Euro. A back-of-the-envelope calculation suggests that the reduction in fuel use by fossil fuel power plants due to the introduction of the EU ETS translates into reductions in annual carbon emissions within the German electricity sector by around seven million tonnes in 2012. This represents about 2.4 percent of total annual carbon emissions in the German electricity sector and exemplifies the potential magnitude of efficiency improvements as a measure for reducing carbon emissions.
    Keywords: D24 ; L94 ; Q48 ; Q58 ; ddc:330 ; EU ETS ; Carbon Pricing ; Fossil Fuel Power Plants ; Treatment Intensity
    Language: English
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    Freiburg i. Br.: Walter Eucken Institut
    Publication Date: 2018-02-16
    Description: This paper analyses the importance of fiscal mechanisms for regional risk sharing and redistribution in Switzerland. Switzerland is a particularly interesting setting in this context because it features both a high level of fiscal autonomy for Swiss cantons and explicit fiscal transfers between the federal government and the cantons. Based on panel-data analysis we study the redistributive and stabilizing properties of fiscal equalization transfers, federal government transfers in general, direct federal taxation, the unemployment insurance scheme and the first pillar pension scheme. We find a combined redistributive effect of these mechanisms of about 20%. This means that long-run income differentials of 1 Swiss Franc between cantons translate into differences of long-run disposable income after taxes and transfers of about 80 cents. The combined contemporary stabilization effect with respect to short-term income fluctuations amounts to less than 10%, which is a small effect compared to previous findings for other countries.
    Keywords: ddc:330
    Language: English
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    Regensburg: Leibniz-Institut für Ost- und Südosteuropaforschung (IOS)
    Publication Date: 2018-02-17
    Description: This paper investigates the economic and social determinants affecting the well-being of temporary migrants before, during and after the financial crisis. Exploiting unique panel data which cover migration spells from Tajikistan between 2001 and 2011, we find that migrants earn less but stay longer in the destination during the crisis; at the same time, they become more exposed to illegal work relations, harassment and deportation through the Russian authorities. Especially illegal employment has negative second order effects on wages. Despite the similarities in the demographics and jobs of migrant workers, we find substantial heterogeneity in how the financial crisis affects their well-being. Migrants who experience wage losses during the crisis rationally stop migrating.
    Keywords: ddc:330
    Language: English
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    Bamberg: Bamberg Economic Research Group, Bamberg University
    Publication Date: 2018-02-17
    Description: Within the seminal asset-pricing model by Brock and Hommes (1998), heterogeneous boundedly rational agents choose between a fixed number of expectation rules to forecast asset prices. However, agents' heterogeneity is limited in the sense that they typically switch between a representative technical and a representative fundamental expectation rule. Here we generalize their framework by considering that all agents follow their own time-varying technical and fundamental expectation rules. Estimating our model using the method of simulated moments reveals that it is able to explain the statistical properties of the daily behavior of the S&P500 quite well. Moreover, our analysis reveals that heterogeneity is not only a realistic model property but clearly helps to explain the intricate dynamics of financial markets.
    Keywords: C63 ; D84 ; G15 ; ddc:330 ; financial markets ; stylized facts ; agent-based models ; technical and fundamental analysis ; heterogeneity and coordination
    Language: English
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    Freiburg i. Br.: Walter Eucken Institut
    Publication Date: 2018-02-16
    Description: To make the no-bailout clause credible and enhance the effectiveness of crisis assistance, a consistent institutional and legal framework is needed to ensure that private creditors contribute to crisis resolution. Getting activated as part of ESM crisis assistance, we propose a novel two-stage mechanism that allows for postponing the fateful distinction between liquidity and solvency crises: At the onset of a ESM program, the framework demands an immediate maturity extension if the debt burden is high, followed by deeper debt restructuring if postcrisis debt proves unsustainable. The mechanism can be easily implemented by amending ESM guidelines and compelling countries to issue debt with Creditor Participation Clauses (CPCs). As debt is rolled over, the mechanism gradually phases in, leaving countries time to reduce debt. Given that private sector involvement reduces financing needs, the ESM could provide longer programs and more time for reforms.
    Keywords: ddc:330
    Language: English
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    Halle (Saale): Leibniz-Institut für Wirtschaftsforschung Halle (IWH)
    Publication Date: 2018-02-16
    Description: I show that natural disasters transmit to firms in non-disaster areas via their banks. This spillover of non-financial shocks through the banking system is stronger for banks with less regulatory capital. Firms connected to a disaster-exposed bank with below median capital reduce their employment by 11% and their fixed assets by 20% compared to firms in the same region without such a bank during the 2013 flooding in Germany. Relationship banking and higher firm capital also mitigate the effects of such negative cross-regional spillovers.
    Keywords: E24 ; E44 ; G21 ; G29 ; ddc:330 ; natural disaster ; real effects ; shock transmission ; bank capital
    Language: English
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    Kiel: Kiel Institute for the World Economy (IfW)
    Publication Date: 2018-02-16
    Description: Focusing on critical aspects of infrastructure, such as energy, this paper argues that African countries, and African cities in particular, need infrastructure that advances both basic needs and industrialization, and avoids a lock-in of unsustainable, high-carbon technologies. G20 countries can promote and support quality of life in African countries by: (1) aligning and cementing the G20 Agenda for Africa with African initiatives, SDGs and the Paris Agreement, (2) mitigating economic risks of climate change through supporting low carbon development pathways in Africa, (3) creating and enabling a level playing field for low carbon technologies, which includes integrated strategies for derisking renewable energy investments, and (4) supporting smart and sustainable urban planning.
    Keywords: Q01 ; Q54 ; H23 ; R11 ; ddc:330 ; sustainable development ; climate policy ; Africa
    Language: English
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    Kiel: Kiel University, Department of Economics
    Publication Date: 2018-02-16
    Description: In this paper, we investigate the temporal dynamics of correlations between sentiment indices worldwide. Employing the tools of Random Matrix Theory (RMT) and Principal Component Analysis (PCA), our paper aims to extract latent information embedded in the interactions between economic and business sentiment indices around the world. We find that: (i) The dynamics of the sentiment indices across countries can be well explained by the evolution of a single factor (the "market mode"), (ii) during most periods, some groups of countries exhibit sentiment dynamics less associated with (or divergent from) the market mode, while (iii) during the financial crisis, no country or group of countries has been able to escape the market mode, which accounts for almost all movements in the indices. We argue that strong "global" information signals, like the collapse of the US housing market in 2007, can lead to a homogenization of the expectation structure around the world, as such information can provide a coordination signal for a global phase of low confidence.
    Keywords: C19 ; E30 ; E71 ; G01 ; ddc:330 ; Sentiment Index ; Correlations ; Financial Crisis ; Random Matrix Theory ; Principal Component Analysis
    Language: English
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    Kiel: Kiel University, Department of Economics
    Publication Date: 2018-02-16
    Description: We investigate the structural dependencies in the bank-firm credit market of Spain under a multilayer network perspective. In particular, the original bipartite network is decomposed into different layers representing different industrial sectors. We then study the correlations between layers based on normalized measures of overlaps of links and weights of banks between layers. To assess the statistical significance of such correlations, we compare the observed values with the expected ones obtained from random graph models specifying only global constraints, i.e. the total degree or the total strength in single layers, and from configuration models capturing the intrinsic heterogeneity in the local constraints like the observed degree sequence and/or strength sequence in single layers. We find that, first, the raw dependencies between layers of the observed network are highly heterogeneous. Second, when evaluated against the null models, on the one hand, the rescaled correlations after filtering out the effects of the global constraints typically display no significant difference to the observed correlations. In addition, in the binary version, almost all correlations are still present after subtracting the effects of the observed degree sequences in all layers. On the other hand, the observed correlations are partially explained by the local constraints maintained in the weighted configuration models. All in all, comparing the observed network with all referenced null models, we find that the multilayer credit network under scrutiny has a significant, non-random structure of correlations that cannot be explained by more primitive network properties alone. In the binary case, such a non-random structure is, for instance, typically observed in the pairs of layers that have high levels of overlaps and correlations. In contrast, in the weighted case, patterns are found in different pairs of layers that have various levels of overlaps and correlations.
    Keywords: G11 ; G21 ; ddc:330 ; Bank-Firm Credit Network ; Multilayer Network ; Multiplexity ; Portfolio Overlaps ; Correlations