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The objective of this paper is to analyse the relationship between income inequality and environmental innovation. To this end, we use the Economic Fitness and Complexity algorithm to compute an index of green inventive capacity in a panel of 57 countries over the period 1970–2010. The empirical analysis reveals that, on average, inequality is detrimental to countries’ capacity to develop complex green technologies. Using non-parametric methods we further articulate this general finding and uncover interesting non-linearities in the relationship between innovation and inequality., Davide Consoli would like to acknowledge the financial support of Ministerio Ciencia e Innovación (Ref. PID2020-119096RB-I00/MCIN /AEI/10.13039/501100011033). François Perruchas would like to acknowledge the financial support of European H2020 Project RISIS2 (grant agreement no 824091). Angelica Sbardella would like to acknowledge the CREF project ”Complessitá in Economia”.

Resumen La velocidad de diseminación del COVID-19 en el mundo llevó a que los países afectados cerraran sus fronteras y tomaran medidas de distanciamiento social. Después de seis meses de que la enfermedad fuera declarada pandemia, muchos países están tomaron medidas de flexibilización del aislamiento, aunque sin una vacuna o un medicamento capaz de enfrentar la infección por el SARS-CoV-2, la situación podría revertirse en cualquier momento. El objetivo del presente trabajo fue proponer un algoritmo de decisión tendiente a optimizar las detecciones de casos asintomáticos y administrar la cuarentena de una manera estratégica, para así evitar la diseminación del virus y tender hacia una normalidad administrada. Se elaboró una propuesta tentativa de optimización y ordenamiento de pruebas de detección del SARS-CoV-2, basada en el análisis de muestras compuestas reunidas a partir de aquellas tomadas de manera individual a personas asintomáticas que integran cohortes de interés. Se definieron cohortes según su función en la sociedad o grado de vulnerabilidad. El algoritmo contempla variables como la prioridad de la cohorte, el número de integrantes de los grupos de análisis dentro de cada cohorte, el contacto intragrupal e intergrupal, la vulnerabilidad al contagio por la actividad desarrollada y el tiempo transcurrido desde que se realizó la prueba por última vez. Se ilustró la propuesta con cohortes hipotéticas definidas, con un único grupo de análisis para simplificar, y se comprobó que la aplicación de la herramienta permite establecer de una manera racional un orden de prioridad para realizar las pruebas en grupos críticos de la sociedad. Esta herramienta permitirá optimizar recursos y disminuir el impacto de la enfermedad en la salud, la sociedad y la economía de una región. Abstract The rapid spread of COVID-19 throughout the world, has led most of the affected countries to close their borders and implement some form of lockdown. Six months after the pandemic started, many countries made decisions tending to relax the lockdown, although wit-hout a vaccine or treatment capable of confronting SARS-CoV-2 infection, the situation could be reversed at any time. In this context, the aim of this work was to propose a decision algorithm that will allow to optimize asymptomatic case detections and strategically manage quarantine to prevent the spread of the virus and drive the transition to a managed new normal. This tentative proposal was developed for optimizing and ordering the number of tests for the detection of SARS-CoV-2, analyzing composite samples (group analysis) combining with those samples individually taken from asymptomatic members of cohorts of interest. Cohorts were defined according to their critical role in society and/or their vulnerability. The algorithm includes variables such as cohort priority, number of cohort members in the analysis groups, intra-and intergroup contact, vulnerability to contagion due to the activity performed, and time elapsed since last testing. The proposed tool was illustrated with defined hypothetical cohorts, in which, for the sake of simplification, only one analysis group was considered. The application of this tool allowed to establish in a rational way a priority order to test critical groups in society. Furthermore, this tool would help to optimize resources, reducing the impact on a region’s health, society, and economy.

Resumen: Objetivo: Elaborar una herramienta de apoyo que ayude a tomar decisiones en el marco de la pandemia de COVID-19. Método: Se parte de una búsqueda de diferentes recomendaciones éticas surgidas en España sobre priorización de recursos sanitarios escasos en la pandemia de COVID-19, así como de una revisión narrativa de modelos teóricos sobre distribución en pandemias para definir una fundamentación ética. Finalmente, se extraen recomendaciones para su posible aplicación en distintos ámbitos asistenciales. Resultados: Se identifican tres principios, igualdad estricta, equidad y eficiencia, que se sustancian en criterios de distribución específicos. Conclusiones: Se propone un modelo de distribución de recursos sanitarios escasos en situación de pandemia que parte de un procedimiento de toma de decisiones y adapta los criterios de distribución a los escenarios de la atención sanitaria: atención primaria, residencias sociosanitarias y atención hospitalaria. Abstract: Objective: To develop a support tool to decision-making in the framework of the COVID-19 pandemic. Method: Different ethical recommendations that emerged in Spain on prioritizing scarce health resources in the COVID-19 pandemic first wave were searched; it was conducted a narrative review of theoretical models on distribution in pandemics to define an ethical foundation. Finally, recommendations are drawn to be applied in different healthcare settings. Results: Three principles are identified; strict equality, equity and efficiency, which are substantiated in specific distribution criteria. Conclusions: A model for the distribution of scarce health resources in a pandemic situation is proposed, starting with a decision-making procedure and adapting the distribution criteria to different healthcare scenarios: primary care settings, nursing homes and hospitals.

Resource contingency planning aims to mitigate the effects of unexpected disruptions in supply chains. While these failures occur infrequently, they often have disastrous consequences. This paper formulates the resource allocation problem in contingency planning as a two-stage stochastic optimization problem with a risk-averse recourse function. The solution method proposed relies on an inexact proximal bundle method with subgradient approximations through a scenario reduction mechanism. The paper extends the inexact oracle to a more general risk-averse setting, and proves that it meets the requirements of the oracle in the inexact bundle method, ensuring convergence to an optimal solution. The practical performance of the developed inexact bundle method under risk aversion is investigated for our resource allocation problem. We create a library of test problems and obtain their optimal values by applying the exact bundle method. The computed solutions from the developed inexact bundle method are compared against these optimal values, under different coherent risk measures. Our analyses indicate that our inexact bundle method significantly reduces the computational time of solving the resource allocation problem in comparison to the exact bundle method, and is capable of achieving a high percentage of optimality within a much shorter time.

Resumen: Los datos abiertos (open data) son datos que pueden ser utilizados, reutilizados y redistribuidos libremente por cualquier persona, y que se encuentran sujetos, cuando más, al requerimiento de atribución y de compartirse de la misma manera en que aparecen. En este trabajo se describe el concepto de datos abiertos y de datos de investigación y por qué es necesario compartirlos. Se exponen las ventajas e inconvenientes de compartir datos y el procedimiento para llevar a cabo esta práctica. Se especifican los elementos que deben constituir el plan de gestión de los datos o documento que describe el tratamiento que van a recibir los datos de investigación recopilados o generados en el curso de un estudio o proyecto. Por último, se exponen las vías verde y dorada para la publicación de los datos y la necesidad de poner al servicio de los investigadores el asesoramiento técnico y las infraestructuras necesarias para que puedan llevar a cabo estas prácticas. Abstract: Open data are data that can be freely used, reused and redistributed by any person, and that are, at most, subject to the attribution requirement and shared in the same way in which they appear. This paper describes the concept of open data and research data and why it is important to share them. The advantages and disadvantages of data sharing and the procedure for carrying out this practice are discussed. We specifies the elements that should constitute the data management plan or document that describes the treatment that will receive the research data collected or generated in the course of a study or project. Finally, the green and gold routes for the publication of the data and the need to put at the service of the researchers the technical advice and the infrastructures necessary to carry out these practices are presented.

Notre analyse demontre que le ratio monnaie-consommation augmente avec l’âge des menages et decroit avec la consommation, et que ce ratio a fortement augmente dans le contexte de tres bas taux d’interet des dernieres annees. Nous elaborons un modele a generations imbriquees de la detention de monnaie pour des motifs de transaction, dans lequel nous introduisons des effets d’âge (l’utilisation de la monnaie augmente avec l’âge des menages), des effets de cohorte (les jeunes generations font appel a des technologies financieres plus evoluees) et des effets temporels (les taux d’interet nominaux influent sur la detention de monnaie).

The article discusses whether and to what extent experiments can contribute to a research paradigm based on the study of human behaviour in complex evolving environments and on the problem of asymmetric adjustment among different components of economic system along certain trajectories, focusing on the possibility that experimental evidence may represent an external consistency check on this type of heterodox modelling. It considers the evidence on rationality of human agents, and the possibility to identify a microfoundation alternative to homo oeconomicus, discussing the evidence on humans as strong reciprocators, as trusting individuals and as embedded in social norms.

We build a dynamic capital structure model to study the link between firms' systematic risk exposures and their time-varying debt maturity choices, as well as its implications for the term structure of credit spreads. Compared to short-term debt, long-term debt helps reduce rollover risks, but its illiquidity raises the costs of financing. With both default risk and liquidity costs changing over the business cycle, our calibrated model implies that debt maturity is pro-cyclical, firms with high systematic risk favor longer debt maturity, and that these firms will have more stable maturity structures over the cycle. Moreover, pro-cyclical maturity variation can significantly amplify the impact of aggregate shocks on the term structure of credit spreads, especially for firms with high beta, high leverage, or a lumpy maturity structure. We provide empirical evidence for the model predictions on both debt maturity and credit spreads.

RESUMEN El presente artículo es el resultado de una investigación, desde las perspectivas bioética y biojurídica, acerca de los lineamientos existentes en Colombia para el manejo de las pruebas farmacogenómicas y farmacogenéticas en los ensayos clínicos. La revisión de la legislación existente en nuestro medio se comparó con estándares internacionales y los propuestos por organismos supranacionales. Se encontró que en Colombia falta una regulación específica en esta área, lo que expone a una serie de riesgos bioéticos y jurídicos a los participantes e investigadores. No se deben subestimar estos riesgos, pues comprometen la viabilidad ética de la investigación clínica y básica en nuestro medio. Al final, desde la perspectiva de la ética de los principios, se proponen una serie de acciones para la creación y la promoción a escala nacional de lineamientos que sirvan para conformar una legislación aplicable a la protección de los datos genéticos y, por ende, los derechos de los sujetos que participan en esta clase de estudios de investigación en Colombia. ABSTRACT This paper is the result of research, from the bioethics and bio-legal perspectives, on the existing guidelines in Colombia for the handling of pharmacogenomic and pharmacogenetic tests in clinical trials. Colombian legislation on this kind of research was reviewed and then compared with international and supranational standards. It was found that Colombia lacks specific legislation in this area, a situation that puts both participants and researchers at risk, from bioethical and legal perspectives. These risks should not be underestimated, as they compromise the ethical viability of clinical and basic research in our setting. In the end, a proposal, based on principles of ethics is made, proposing a series of actions for the creation and promotion nationwide of guidelines which can be used to shape legislation to be applied to protect the genetic data and the rights of subjects participating in these types of research studies in Colombia.

We introduce the constrained egalitarian surplus-sharing rule fCE, which distributes an amount of a divisible resource so that the poorer agents’ resulting payoffs become equal but not larger than any remaining agent’s status quo payoff. We show that fCE is characterized by Pareto optimality, nonnegativity, path independence, and less first, a new property requiring that an agent does not gain if her status quo payoff exceeds that of another agent by the surplus. We provide two additional characterizations weakening less first and employing consistency, a classical invariance property with respect to changes of population. We investigate the effects of egalitarian principles in the setting of transferable utility (TU) games. A single-valued solution for TU games is said to support constrained welfare egalitarianism if it distributes any increment of the worth of the grand coalition according to fCE. We show that the set of Pareto optimal single-valued solutions that support fCE is characterized by means of aggregate monotonicity and bounded pairwise fairness, resembling less first.

Multiple factors are at play in a patient's care. One such factor, time, is a unique notion which establishes itself as a third party in the caregiver-patient relationship. Understanding the challenges involved makes it easier to appreciate how it can interfere in care and how to use it as a real resource in the patient's treatment.

The health and social crisis linked to the COVID-19 shows the limits of a welfare state that is concerned to include care in its actions and struggles to invest in preventive public policies. The latter would surely have made it possible to live the pandemic differently. In the field of child protection, the preventive nurseries and their actions for the benefit of families were able to maintain a link with parents during the first confinement. This is the case of the establishments of the association Enfant Present, which has created a parental phone support platform.

The present work has two objectives: (i) to illustrate how the constitutional and principlistic paradigm of our legal system reliably conditions the entire scaffolding of public contracting and, (ii) to demonstrate, by means of a theoretical and factual analysis, how the principle of planning, without the mediation an explicit declaration in law, whether or not it is an essential criterion to develop all other principles, values, duties and functions of public contracting in Colombia. © 2020.

The development of vaccines is a multifactorial process that has evolved and expanded, particularly over the last decades. The search for immunogenic vaccines that are also acceptably safe and tolerable enacted continuous technological advances in this field. In this regard, the technology applied to vaccines can historically be divided into 3 approaches: the empirical approach, the modern approach, and the new technological wave. The empirical approach for vaccine development includes whole micro-organisms, attenuation, inactivation, cell cultures and sub-unit vaccines. The modern approach contributed to leaps and bounds to vaccine development using chemical conjugation, as well as recombinant protein DNA technology and reverse vaccinology. Lastly, the new technological wave includes, among others, bioconjugation, viral vectors, synthetic biology, self-amplification of messenger RNA, generalized modules for membrane antigens, structural vaccinology and the new adjuvants.

English Abstract: Many governments offer tax concessions for retirement contributions to boost retirement savings and alleviate the fiscal pressures of population aging. In this paper, we show that income responses are crucial for understanding these impacts. Using tax-register data, we study large changes in caps on tax-favored contributions to individual retirement accounts in Australia. We find that higher caps increase retirement contributions considerably, with around two-thirds of this response financed by increases in earned income. The gain in income tax revenue offsets the fiscal loss from higher tax-favored contributions, emphasizing the importance of taking income and labor supply responses into account. German Abstract: Viele Regierungen bieten Steuervergunstigungen fur Altersvorsorgebeitrage an, um die Altersvorsorge zu fordern und den fiskalischen Druck der Bevolkerungsalterung zu mildern. In diesem Beitrag zeigen wir, dass Einkommensreaktionen entscheidend fur das Verstandnis dieser Auswirkungen sind. Anhand von Steuerregisterdaten untersuchen wir grose Veranderungen der Obergrenzen fur steuerbegunstigte Beitrage zu individuellen Altersvorsorgekonten in Australien. Wir stellen fest, dass hohere Obergrenzen die Beitrage zur Altersvorsorge erheblich erhohen, wobei etwa zwei Drittel dieser Reaktion durch einen Anstieg des Arbeitseinkommens finanziert werden. Der Gewinn an Einkommensteuereinnahmen gleicht den fiskalischen Verlust durch hohere steuerbegunstigte Beitrage aus, was die Bedeutung der Berucksichtigung von Einkommens- und Arbeitsangebotsreaktionen unterstreicht.

Resumen: El tabaquismo es una enfermedad crónica que constituye la primera causa evitable de muerte en los países desarrollados. En España, la prevalencia de consumo de tabaco ha disminuido gracias a la aplicación de políticas de control del tabaco; sin embargo, la legislación vigente no establece una regulación armonizada para todos los productos. El objetivo de este artículo es revisar la legislación actual y analizar sus limitaciones en relación con los principios de buena regulación administrativa definidos ahora en la Ley 39/2015. Las principales limitaciones pueden vertebrarse en cuatro ejes: la falta de regulación específica de estos nuevos productos, las diferencias en su regulación, la falta de información de sus efectos nocivos y de las novedades en la regulación de los espacios libres de humo, y la falta de adaptación de la regulación a la evidencia científica más reciente. Con todo, la calidad de la regulación para el control del tabaco en España, pese a los éxitos conseguidos con la Ley 28/2005, se ha visto comprometida por la relajación del Estado en el ámbito legislativo, regulatorio y administrativo, que ha comportado un estancamiento normativo opuesto a los principios de buena regulación. Esta revisión debería animar a las sociedades científicas y las asociaciones ciudadanas a reclamar igualmente la modernización de la legislación sobre tabaquismo, con políticas decididas y coordinadas de prevención y control para poder promover una España libre de tabaco. Abstract: Tobacco smoking is a chronic disease that is the leading preventable cause of death in developed countries. In Spain, the prevalence of tobacco use has decreased driven by the implementation of tobacco control policies; however, current legislation does not establish a harmonized regulation for all tobacco products. The aim of this article is to review the current legislation and critically analyze its limitations in relation to the principles of good administration now defined in the Law 39/2015. Spanish in force tobacco control policies main limitations can be divided into four areas: the lack of specific regulation for new tobacco products; the differences in their regulation; the lack of information to the general population on their harmful effects and the new developments in the regulation of smoke-free spaces; and the lack of adaptation of the regulation to the most recent scientific evidence. All in all, the quality of tobacco control regulations in Spain, despite the successes achieved with the Law 28/2005, has been compromised by the State's laxity in the legislative, regulatory, and administrative spheres, which has led to a regulatory stagnation that runs counter to the principles of good regulation. This review should encourage scientific organizations and civil society associations to call for an actualization of the tobacco legislation, with determined and coordinated prevention and control policies to promote a tobacco-free Spain.

Résumé L’émergence d’une maladie virale résulte le plus souvent d’un déséquilibre dans l’interaction entre l’agent infectieux, l’hôte et l’environnement. Après une phase d’introduction de la maladie virale dans un territoire ou une population donnée et une fois que les premières chaînes de transmission sont en place, on peut assister à la diffusion de la maladie, voire sa pérennisation si les mesures de contrôle ne sont pas mises en œuvre ou ne sont pas suffisamment efficaces. S’il est difficile d’anticiper la survenue et l’introduction d’une maladie virale émergente, les trois axes suivants de lutte doivent être développés pour en limiter l’impact : (1) anticipation et préparation ; (2) recherche et (3) veille et surveillance. Pour garantir enfin que les mesures prises soient pertinentes au regard des données disponibles et acceptables par la population, il convient de s’appuyer de manière systématique sur une approche multidisciplinaire qui devra être réévaluée de manière dynamique.

Making time-limited offers is a common retail pricing strategy. Economic theory implies that such offers inhibit price search, making markets less competitive. We investigate experimentally whether this effect is intensified by behavioural factors – specifically, feedback-conditional regret, reduced decision quality due to time constraints, and aversion to small-scale risk. Participants choose from a sequence of alternative price offers, one of which might be time-limited, under various conditions. These price search problems were matched with equivalent, time-unconstrained binary choices between lotteries. We find no evidence of regret effects. Surprisingly, time-limited offers are more likely to be chosen when the time available for decision-making is longer. Overall, individuals show aversion to small-scale risk; this is stronger in price search than lottery choice. Allowing for this, choices in the two types of task tend to be mutually consistent at the individual level, even when decision-making is subject to tight time constraints.

Endocrine diseases are experiencing an important increase in their prevalence, due to causes of various kinds, including the epidemic of obesity and malnutrition, the aging of the population, but also the effect of endocrine disruptors, among others. On the other hand, new technologies, both in terms of molecular and genetic analysis, image and new therapeutic devices, require that the endocrine professional community in Spain must be in constant training. The connection with patients through their associations, increasingly active, and with the civil society in general, the professional commitment and demand of various social groups for a modern and equitable care, and to carry out research that facilitates the achievement of advances for patients, forces the specialist in endocrinology and nutrition and the Spanish Society of Endocrinology and Nutrition (SEEN) to position themselves and respond to all these challenges. In this document, the SEEN presents its proposals and its strategy until 2022.

Resumen: Las crisis, las emergencias y las épocas de disturbios se han relacionado con un aumento de la violencia interpersonal, incluida la violencia hacia las mujeres. A raíz de la declaración de estado de alarma y confinamiento se han puesto en marcha nuevas medidas encaminadas a paliar el posible impacto de la violencia de género (Plan de Contingencia contra la violencia de género ante la crisis del coronavirus o Real Decreto-Ley de medidas urgentes). Se revisan en este documento las medidas de contención adoptadas hasta el momento por el gobierno de España y las comunidades autónomas, y las iniciativas formuladas en diferentes países. Ante la ausencia de medidas económicas concretas planteadas hasta la fecha y el escenario de incertidumbre económica concluimos que no es posible prevenir la violencia de género de manera integral sin considerar el aumento del desempleo, la temporalidad y la inestabilidad laboral, la dependencia económica o la sobrecarga de tareas reproductivas, entre otros elementos que la facilitan. Abstract: Crises, emergencies and times of unrest have been linked to increased interpersonal violence, including violence against women. Following the declaration of alarm status and quarantine, different measures have been implemented to mitigate the possible effect of gender violence (Contingency Plan against Gender-Based Violence in Coronavirus Crisis or Royal Decree Law on Emergency Measures). This document reviews the measures adopted so far by the government of Spain, the autonomous governments and the initiatives formulated in different countries. In the absence of concrete economic measures to date, and the scenario of economic uncertainty, we conclude that it is not possible to prevent gender-based violence in a comprehensive way, without considering the increase in unemployment, temporary and instability employment, economic dependency or the overload of household chores and reproductive tasks, among other elements that facilitate it.

La relación entre el sistema público de salud y el sistema privado suele abordarse bajo la denominación de colaboración público-privada en sanidad para referirse a las diferentes formas de compra, concesión o contratación de servicios privados por parte del sector público y la consiguiente externalización de su gestión. Según la última cuenta satélite del gasto sanitario público1, los conciertos con los centros sanitarios privados representaban en 2017 el 11,2% del gasto público. Este tema, centrado en la provisión de servicios, es el dominante en la literatura en nuestro país2-10, pero algunos autores también han tratado otras áreas de colaboración y fricción , como la formación continuada de profesionales sanitarios y la investigación en salud8, la utilización de proveedores públicos o privados en los casos de doble cobertura11 o el encaje de los seguros privados en los sistemas sanitarios públicos(...)

We test whether voters are rational in the sense that their decision to cast a vote depends on its expected impact on the election outcomes. We provide causal evidence on this rational voting hypothesis by using exogenous variation in pivotal probabilities that arise at population thresholds determining council sizes in Finnish municipal elections. First, we document statistically significant, economically relevant and robust effects of crossing the threshold on turnout. Second, we use simulations to measure the pivotal probabilities. Finally, we use a novel instrumental variables design to show that the changes in the pivotal probabilities rather than simultaneous changes in the number of available candidates or their quality explain the changes in turnout. Moreover, we document that turnout responds only to such pivotal probabilities that are salient to the voters, and that the effect of district magnitude on the election closeness in general or the proportionality of elections is not behind the response in turnout. Thus, the rational voter exists. This version (January 19, 2016) replaces the September 27, 2013 version.

In the last decades, the relevance of household energy-efficiency measures has increased, not only as mitigation policy, but also as key energy policies that may improve socioeconomic development. Despite their cost-effectivity, some of the most important household energy efficiency measures are often not implemented. There are different barriers that energy policy has to overcome to support their delivery. Nonetheless, specific situations may result in a bad performance of energy efficiency policies. It is crucial to understand which are the main characteristics, or enabling conditions, that affect the policy in order to consider them in the process of policy design.In this context, the aim of the paper is to contribute to the literature on energy efficiency in the household sector, by discussing the relevance of enabling conditions for the performance of the policies, and proposing a methodology framework to analyze these enabling frameworks. An approach to transform qualitative information into quantitative data also represents a contribution to the literature. The methodology consists of an adaptation of the broadly used multicriteria analysis (MCA). As an initial empirical study, a set of Latin American countries have been chosen, namely Brazil, Chile, Colombia and Uruguay, to study these conditions in 2016.Findings show that Uruguay and Chile have the best boundary conditions to promote energy efficiency, followed by Brazil and Colombia which has presented difficulties in different boundary conditions. Results also highlight that the implementation of household energy efficiency policies is highly dependent on country context. In order to develop an enabling framework, it is relevant to count with a strong commitment, awareness raising, as well as price policies, financing access and favorable macroeconomic conditions. Fil: Zabaloy, María Florencia. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Patagonia Norte; Argentina. Universidad Nacional del Sur. Departamento de Economía; Argentina Fil: Recalde, Marina Yesica. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Fundación Bariloche; Argentina Fil: Guzowski, Carina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Bahía Blanca. Instituto de Investigaciones Económicas y Sociales del Sur. Universidad Nacional del Sur. Departamento de Economía. Instituto de Investigaciones Económicas y Sociales del Sur; Argentina

This article analyzes the interactions and possible trade-offs between direct energy consumption and embodied energy requirement of households in Switzerland in order to assess the net impacts of standard energy policies focusing exclusively on direct energy use. Direct and embodied energy demand of Swiss households are estimated by combining consumption data of a national expenditure survey with data on energy intensity from life-cycle analysis. Using a system of equations and an instrumental variable approach, we find that both domains are driven by same determinants, but that there is no evidence for significant substitution between them. We also find an increasing effect of income on both domains, with particularly important effects on embodied energy. From a policy perspective, our findings highlight a concern that economic growth could bring about an increasing global energy demand through energy requirement for non-energy commodities. However, the wide-spread policies targeting direct energy are unlikely to cause a substantial shift in household consumption to embodied energy.

The Province of San Juan-Argentina has a considerable amount of solar radiation which encourages taking advantage of a photovoltaic system. In addition, a net billing remuneration mechanism for renewable and distributed energy generation has been established by recent Argentinian Law (Dec- 2017). This work presents a profitability analysis of solar photovoltaic projects connected to the grid in the residential sector, considering the Net Billing structure adopted by the Law, and also the Feed-in-Tariff structure that has been used in other countries in order to make comparisons. The valuations are performed for three different projects, taking into account the measured energy data for a year. The well-known Net Present Value method is used as the valuation index. Results show that renewable distributed generation is not profitable for the residential sector at this time, with the current technology costs, national financial conditions and tariffs, combined with some estimations regarding future electric tariffs. Considering this information, the manuscript details a sensitivity analysis of the capital cost, consumed and injected energy prices. Finally, some discussions on incentive mechanisms are introduced in order to aid national decision-makers in energy policies so as to ensure profitable projects. Fil: Coria Pantano, Gustavo Ezequiel. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - San Juan. Instituto de Energía Eléctrica. Universidad Nacional de San Juan. Facultad de Ingeniería. Instituto de Energía Eléctrica; Argentina Fil: Penizzotto Bacha, Franco Victor. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - San Juan. Instituto de Energía Eléctrica. Universidad Nacional de San Juan. Facultad de Ingeniería. Instituto de Energía Eléctrica; Argentina Fil: Pringles, Rolando Marcelo. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - San Juan. Instituto de Energía Eléctrica. Universidad Nacional de San Juan. Facultad de Ingeniería. Instituto de Energía Eléctrica; Argentina

This paper sets up a rational inattention model for the choice of departure time for a traveler facing random travel time. In this model, the traveler chooses in advance an information strategy for the travel time outcome, and then chooses departure time each day given the information received that day. The model describes how cheaper information allows the traveler to expand his/her consideration set and adapt more flexibly to changing conditions. This increases the traveler's payoff. The marginal cost of travel time variability is always positive. The ability to choose the information strategy reduces the cost of travel time variability compared to neoclassical travelers whose information is exogenously given.

At the onset of the Covid-19 pandemic South Africa was praised for decisive political leadership based on scientific advice and the strictness of the measures it imposed to limit domestic spread of the virus. This paper critically examines the South African response through two conceptual frameworks. The first frames an optimal policy response as a solution to an intertemporal welfare-optimisation problem. The need for governments to balance epidemiological considerations and public health measures with the negative consequences of non-pharmaceutical interventions to limit transmission is particularly acute in developing countries. The second considers the use of scientific evidence and expertise through the lens of scientism – undue deference to science. The South African government erred towards drastic action in the face of predictions by some scientific advisors of a catastrophe, but initially without a clear, public long-term plan. Its lockdown has caused serious economic and societal harm across a range of measures. But these costs have not been matched by proportional benefits in health system preparedness or, based on evidence three months into the epidemic, a definitive improvement in expected long-term epidemic outcomes. This failure, and the questionably confident basis for the original lockdown decision, has been obscured by the government’s performative scientism – a public performance of deference to science – even in the absence of transparent decision-making. One consequence was a slower correction of strategy than merited by evidence of limited benefits and high costs of the lockdown. Another was an unwillingness to admit and explain errors after the fact. The latter, combined with the convincingness of the initial performance undermined the behavioural dimension of policy – leading to beliefs among citizens that confounded efforts by the state to adapt its policy stance through reopening schools, reducing the stringency of clinical guidelines and resuming various economic activities while nevertheless observing basic social distancing precautions.

Portuguese Abstract: O artigo trata da aplicacao de teorias do dano concorrencial a mercados digitais. A revisao da literatura e a experiencia internacional apontam a necessidade de novas teorias do dano tipicas de mercado digitais, para evitar aumentos de precos nao monetarios, reducao da qualidade, efeitos deleterios a inovacao, bem como o tratamento preferencial a certos bens ou servicos proprios (self-preferencing). A analise da jurisprudencia da autoridade brasileira desde 2012 revela que, de forma incipiente, o CADE reconhece a importância de tais teorias do dano, mas ainda nao as aplica sistematicamente na forma de testes. O artigo defende, ainda, que tais teorias, como categorias chave de analise, tem um papel inovador na propria aplicacao do direito antitruste. English Abstract: This article examines the use of theories of harm in competition policy in cases involving digital markets. The review of the literature and reports published by foreign authorities point to the necessity of developing new theories of harm for digital markets, to address non-monetary price increases, the reduction of quality, deleterious effects to innovation, and self-preferencing practices. An analysis of previous cases decided by the Brazilian competition authority since 2012 shows that CADE has begun to recognise the relevance of these theories, but is yet to apply them systematically. The article argues that theories of harm, as frameworks for antitrust analysis, have an important role to play in innovating competition policy and in its enforcement.

Russian Abstract: Целью работы является построение и оценка эконометрической модели влияния регуляторной жесткости нормативно-правовой базы на показатели социально-экономической динамики, а именно – на показатели бедности в регионах России. English Abstract: The main purpose of the research is to develop and assess an econometric model of the influence of the regulatory framework rigidity on indicators of socio-economic dynamics, namely, on poverty indicators in the regions of Russia.

Spanish abstract:En este informe se muestra la evolucion reciente y proyectada de los principales agregados macroeconomicos que caracterizan a la economia venezolana, en el contexto de un escenario mas complicado que el de periodos anteriores a causa de los efectos de COVID-19, que se agregan los desequilibrios preexistentes. En el informe se evaluan y proyectan los agregados macroeconomicos asumiendo que no hay cambios significativos en la formulacion y ejecucion de la actual politica economica. En la presente edicion, ademas, se incorporan nuevas secciones que tratan separadamente los temas referidos a la economia real, la economia informal, la politica de transferencias de ingreso monetario y la situacion de Venezuela en el contexto mundial de control y erradicacion de la pandemia. English abstract: This report shows the recent and projected evolution of the main macroeconomic aggregates that characterize the Venezuelan economy, in the context of a more complicated scenario than in previous periods due to the effects of COVID-19, in addition to imbalances pre-existing. The report evaluates and projects the macroeconomic aggregates assuming that there are no significant changes in the formulation and execution of current economic policy. In this edition new sections are incorporated that deal separately with issues related to the real economy, the informal economy, the policy of monetary income transfers and the situation of Venezuela in the global context of control and eradication of the pandemic.

This chapter focuses on the inner rationale and consequences of four different archetypal positions regarding how ethical and political values are tackled in welfare economics. Welfare economics is standardly associated with the welfarist framework, for which social welfare is based on individual utility only. Beyond this, we distinguish the value-neutrality claim – for which ethical values should be and are out of the scope of welfare economics –, the value confinement ideal – for which ethical values are acceptable if they are minimal and consensual–, the transparency requirement – for which any ethical values may be acceptable in the welfare economics framework if explicit and formalized –, and the entanglement claim – which challenges the very possibility of demarcation between facts and values.

espanolEste trabajo utiliza un modelo de ciclo de vida para cuantifi car el rol de la heterogeneidad en los rendimientos de las inversiones en la respuesta economica de unos cambios impositivos marginales. En este modelo, los agentes que son sufi cientemente productivos pueden obtener rendimientos mas altos si eligen ser empresarios. La heterogeneidad en los rendimientos amplifi ca la respuesta de los ingresos totales a los cambios impositivos marginales sobre toda la distribucion del ingreso. El 1 % mas rico muestra las elasticidades mas altas. La heterogeneidad de retorno aumenta los incentivos a invertir para los empresarios mas ricos y de alto rendimiento, amplifi cando asi sus respuestas de ingresos a los cambios del impuesto marginal. Esta reasignacion de capital aumenta la productividad agregada, generando un mayor impulso en los salarios de equilibrio. Esto, a su vez, fortalece la respuesta del ingreso del 90 % mas pobre, pero, sin embargo, su respuesta es menor que en la parte superior de la distribucion. EnglishUsing an estimated life-cycle model, we quantify the role of heterogeneity in wealth returns for the response of income to marginal tax changes. In our economy, agents who are suffi ciently productive can obtain higher returns by choosing to be entrepreneurs. Return heterogeneity amplifi es the responsiveness of total income to marginal tax changes along the entire income distribution with the top 1 percent displaying the highest elasticities. Return heterogeneity increases the incentives to invest for the richest, highreturn entrepreneurs, thus amplifying their income responses to marginal tax changes. This reallocation of capital increases aggregate productivity, generating a larger boost in equilibrium wages. This in turn strengthens the income response of the bottom 90 percent, but nevertheless, their response is smaller than at the top

Spanish Abstract: Este trabajo parte de los resultados de la Encuesta de Competencias Financieras (ECF), en un intento de contribuir a la mejora de los disenos de politicas de educacion financiera, y persigue varios objetivos: (i) cuantificar los conocimientos financieros de los individuos, (ii) relacionarlos con sus caracteristicas socioeconomicas y (iii) analizar el efecto de la educacion financiera en la toma decisiones de ahorro e inversion para un conjunto amplio de activos financiero. Los resultados de este estudio ponen de manifiesto que la educacion financiera juega un papel especialmente relevante en la decision de adquirir activos financieros como titulos de renta fija y variable y de participar en fondos de inversion. Esto es, la educacion financiera determina las decisiones de inversion en las que predomina la valoracion de la rentabilidad, el riesgo y el plazo de inversion y no las decisiones de ahorro ni de adquisicion de productos con marcadas connotaciones de cobertura. English Abstract: This paper is based on the results deriving from the Survey of Financial Competences (ECF) in an attempt to contribute to the improvement of financial education policy designs, and it pursues several objectives: (i) to quantify the financial knowledge of individuals, (ii) to relate this knowledge to available socio-economic characteristics, and (iii) to analyse the effect of financial education on savings and investment decision-making for a broad set of financial assets. The results reveal that financial education plays a particularly important role in the decision to acquire financial assets such as fixed income and equity securities and investment funds. Financial education determines investment decisions in which the valuation of return, risk and investment term predominate and not the decisions of saving or acquisition of assets strongly perceived as hedging products.

English Abstract: The core argument defended in this chapter is that the construction of the concept of responsibility of the decision-maker of credit scoring assisted by algorithms responded to the morphogenesis nature of the regulation. We adopt the construction of morphogenesis led by Professor Margaret Archer in the sense of describing change processes conceived as "generative mechanisms" that produce tendencies towards change in the relational organization of the social order. In our context, the social order comprises the designers, users and those affected by algorithmic credit scoring systems. The necessary interdependence between social normativism, social integration and regulation is at the center of this discussion. Call to respond to the regulatory objectives of distributive justice and reconfiguration of the consumer's right to privacy. Consequently, this concept must find the balance between legal validity and social solidarity and effectiveness. Morphogenesis processes in the provision of services and the offer of financial products generate the need to identify their regulatory challenges. One of these processes is specified in the evolution of the algorithmic credit scoring. This is understood as a mechanism to assist the process of qualifying the payment capacity of consumers-debtors, through the use of machine-learning based algorithms. As with other forms of algorithm implementation, algorithmic credit scoring allows us to analyse data, classify people into categories, and serve as a gatekeeper for some human needs. While the main benefits derived from algorithmic credit scoring are anticipated to focus on increased efficiency and certainty in decision-making associated with granting loans, there are also shortcomings. Thus, it is noted that the massive and rapid adoption of algorithmic credit scoring systems can increase the probability of the occurrence of problems of inaccuracy, opacity and ways in which discrimination is perpetuated, in granting of loans to certain population groups. In addition, the potential high risk of affecting privacy, autonomy and the desired power of the financial consumer. Spanish Abstract: El argumento central defendido en este capitulo es que la construccion del concepto de accountability del tomador de decisiones de calificacion crediticia asistida por algoritmos responde a la naturaleza de morfogenesis de la regulacion. Adoptamos la construccion de morfogenesis liderada por la profesora Margaret Archer en el sentido de describir procesos de cambio concebidos como "mecanismos generativos” que producen tendencias hacia el cambio en la organizacion relacional del orden social. En nuestro contexto, el orden social comprende a los disenadores, usuarios y afectados por los sistemas de calificacion crediticia algoritmica. La necesaria interdependencia entre normativismo social, integracion social y regulacion esta en el centro de esta discusion . Argumentamos que la creacion de un concepto regulatorio efectivo de accountability para el tomador de decisiones algoritmicas, esta llamado a responder a los objetivos regulatorios de justicia distributiva y reconfiguracion del derecho a la privacidad del consumidor financiero. En consecuencia, dicho concepto debe encontrar el equilibrio entre la validez juridica y la solidaridad y efectividad social. Los procesos de morfogenesis en la prestacion de servicios y oferta de productos financieros generan la necesidad de identificar sus retos regulatorios. Uno de estos procesos se concreta en la evolucion de la calificacion crediticia algoritmica. Entendida esta como un mecanismo para asistir el proceso de calificacion de la capacidad de pago de los consumidores-deudores, a traves del uso de algoritmos de machine-learning. Tal como sucede en otras formas de implementacion de los algoritmos, la calificacion crediticia algoritmica permite analizar datos, clasificar a las personas en categorias y servir como guardian de algunas necesidades humanas. Mientras que se anticipa que los principales beneficios derivados de la calificacion crediticia algoritmica se centran en el incremento de la eficiencia y la certeza en la toma de decisiones asociadas al otorgamiento de creditos, tambien existen limitaciones. Asi entonces se advierte que la adopcion masiva y rapida de sistemas de calificacion crediticia algoritmica puede incrementar la probabilidad de ocurrencia de problemas de inexactitud, opacidad y formas en las que se perpetua la discriminacion, ya existente en los instrumentos tradicionales de credito, en el otorgamiento de prestamos a ciertos grupos poblacionales. Ademas, se acusa el potencial alto riesgo de afectacion a la privacidad, a la autonomia y al anhelado poder del consumidor financiero

French Abstract: L’objectif de cet article vise a decrire les possibilites de developper un climat d’affaires pour les tres petites entreprises en mettant les passerelles d’accompagnement pour etre dans le formel, la majorite de cette categorie d’entreprise se trouve dans le secteur informel. Cette etude permet aux autorites de de s’interroger sur leur manquement au developpement de ce secteur. Le concept de « secteur informel » fut utilise pour la premiere fois dans une etude sur le Kenya realisee en 1972 pour le Programme mondial de l'emploi du BIT. Ce secteur constitue une part tres importante pour les pays sub saharienne, il echappe plus ou moins a la legalite. English Abstract: The objective of this article aims to describe the possibilities of developing a business climate for very small businesses by providing support to be in the formal sector, the majority of this category of business is in the informal sector. This study allows the authorities to question their failure to develop this sector. The concept of the “informal sector” was first used in a 1972 study on Kenya for the ILO's World Employment Program. This sector constitutes a very important part for sub-Saharan countries, it more or less escapes legality.

Russian Abstract: В ответ на недавние мусорные кризисы правительство России провело реформу, призванную нормализовать ситуацию в отрасли обращения с коммунальными отходами (ТКО). Дальнейшие шаги государства в этом направлении должны быть связаны с формированием долгосрочной стратегии, основанной на принципах устойчивого развития. Мы исследуем каким образом развитие конкуренции оказывает влияние на возможность достижения поставленных целей, связанных с использованием наиболее приоритетных способов обращения с ТКО. В настоящем исследовании рассмотрены три подхода к моделированию конкуренции: прямая конкуренция, конкуренция по Демсецу и монополистическая конкуренция по Чемберлину. По результатам анализа сформулированы рекомендации, направленные на развитие конкуренции в отрасли обращения с ТКО. English Abstract: In response to the recent garbage crises, the Russian government has implemented a reform to normalize the municipal waste (MSW) industry. Further steps of the state in this direction should be associated with the formation of a long-term strategy based on the principles of sustainable development. We investigate how the development of competition affects the ability to achieve the set goals associated with the use of the most priority methods of MSW management. This study examines three approaches to modeling competition: direct competition, Demsetz competition, and Chamberlin's monopolistic competition. Based on the analysis results, we formulated recommendations aimed at developing competition in the MSW management industry.

Portuguese Abstract: Os combustiveis de transporte de baixo carbono sao uma das alternativas mais rapidas para reduzir a intensidade de emissoes do setor de transporte , antes que a frota, a infraestrutura e a tecnologia mudem de forma mais abrangente. O etanol, por exemplo, e uma solucao renovavel imediatamente aplicavel. Porem como meio ambiente, via de regra, corresponde a uma falha de mercado, o etanol precisa do desenho de politicas publicas de intervencao no dominio economico que corrijam essas falhas. No Brasil, um dos melhores exemplos atuais disso e o Renovabio politica para fomentar os investimentos, aumentar a quantidade de biocombustiveis e criar empregos e cujo principal mecanismo e o Credito de Descarbonizacao por Biocombustiveis – CBIO. Alem disso sera abordada a obrigatoriedade de mistura de etanol na gasolina e novas possibilidades tecnologicas. English Abstract: Low-carbon transport fuels are one of the fastest alternatives to reduce the intensity of emissions in the transport sector, before the fleet, infrastructure and technology change more broadly. Ethanol, for example, is a renewable energy immediately applicable. However, because the environment corresponds to a market failure, ethanol needs the design of public policies to intervene in the economic domain in order to correct these failures. In Brazil, one of the best examples is the Renovabio policy to encourage investments, increase the quantity of biofuels and create jobs. Its main mechanism is the biofuel decarbonization credit - CBIO. In addition, the mandatory mixing of ethanol in gasoline and new technological possibilities will be also addressed by this short descriptive text.

Portuguese Abstract: O presente artigo avaliara o argumento, comumente empregado pelo Fisco, de que a demonstracao de capacidade contributiva aliada a necessidade de tratar contribuintes de forma isonomica permitiria a desconsideracao de planejamentos tributarios voltados a reducao da carga tributaria. Serao analisadas as correntes doutrinarias formalista e substantivista do direito tributario a luz das normas constitucionais e do Codigo Tributario Nacional, e, a seguir, demonstrar-se-a que os Principios da Capacidade Contributiva e da Isonomia nao podem ser aplicados como instrumentos integrativos de hipotese de incidencia tributaria. English Abstract: The article evaluates the argument used by the State Treasury that tax plannings used to reduce the tax burden could be cancelled once acknowledged the tax payer’s contributive capacity and considering that tax payers have to be treated equally. The formalist and the substance currents will be analyzed considering the national constitution and the tax code, and there will be demonstrated that the principles of isonomy and contributive capacity can not be used by authorities to extend the tax obligation.

Russian Abstract:Тематикой исследования являются актуальные проблемы методологии и практики измерения уровня жизни населения в статистике РФ, адекватное решение которых позволяет повысить качество и обеспечить большую аналитическую ориентацию разрабатываемой системы показателей. English Abstract:The subject of the research is actual problems of methodology and practice of measuring the population’s standard of living in the statistics of the Russian Federation, the adequate solution of which allows improving the quality and provide a greater analytical orientation of the developed system of indicators.

Italian Abstract: Il trasporto pubblico locale (TPL) costituisce un importante fattore di crescita e competitivita dei territori. Il lavoro descrive il funzionamento di questo servizio nelle principali citta italiane, fornendo un confronto a livello internazionale e un’analisi dei divari all’interno del nostro paese. Si mettono in evidenza sia i possibili effetti che una maggiore efficienza del TPL produce sulla mobilita delle persone, sul mercato del lavoro e su quello immobiliare, sia i legami tra performance del TPL e fattori di natura gestionale e istituzionale. Il lavoro analizza inoltre il comparto nel contesto della pandemia, delineando alcune prospettive per il suo sviluppo futuro. English Abstract: Local public transport is an important determinant of the growth and the competitiveness of territories. This paper describes the functioning of this public service in the main Italian cities, comparing it internationally and analysing the regional gaps within the country. It highlights the possible effects that well-functioning local public transport systems have on the mobility of people, the labour and the real estate markets, as well as examines the links between its performance and a number of institutional and operational factors. This paper also analyses how this sector fared during the health crisis and outlines some possible scenarios for its evolution in the future.

Spanish abstract: En esta nota se abordan las implicaciones sobre el sistema financiero que el proceso acelerado de dolarizacion esta generando en Venezuela. Asi mismo, se hacen un conjunto de consideraciones en torno a las condiciones que deben producirse para que se avance en la desdolarizacion de la economia y del sistema financiero. English abstract: This note addresses the implications on the financial system that the accelerated dollarization process is generating in Venezuela. In addition, the factors that determine the progress in the de-dollarization of the economy and the financial system are considered.

Spanish Abstract: El presente articulo buscar analizar las condiciones del sector agricola en el periodo 2000-2020 a partir de las restricciones estructurales de la produccion, comercializacion, transformacion y productividad de la pequena agricultura. Esto se lleva a cabo desde un conjunto definido de dimensiones (macro, meso y micro) que se consideran determinantes, a saber: el modo de insercion internacional, la especializacion productiva y las condiciones estructurales del sector rural en Colombia; asimismo, las condiciones de financiamiento de la produccion de la pequena agricultura. English Abstract: This article aims to analyze the conditions of the agricultural sector in the period 2000-2020 based on the structural constraints on production, marketing, productive transformation, and productivity of small-scale agriculture. This is done on the following dimensions, which are considered determinants: the mode of international insertion, productive specialization, and the structural conditions of the rural sector in Colombia, as well as the conditions for financing the production of small-scale agriculture.

French Abstract: Le champ de la performance des administrations publiques pose des le depart un probleme delicat : celui de l’influence de la politique qui domine la recherche de la durabilite de ces entreprises. Ainsi, d’autres chercheurs et meme des praticiens savent que le sujet est complexe. Le concept de performance applique a la sphere publique n’est pas facile car plusieurs facteurs lies a l’organisation et aux objectifs etatiques necessite beaucoup de souplesse de gestion et une faible rigueur. Ainsi, pour l’exposer, le chercheur presentera quelques elements explicatifs pour l’illustrer. Ainsi certains concepts generalement utilises dans les entreprises privees vont etre examines et permettront de tirer des methodes et moyens pour l’amelioration de la performance des entites publiques. English Abstract: The field of the performance of public administrations poses from the outset is a delicate problem: that of the influence of the policy that dominates the search for the sustainability of these companies. So other researchers and even practitioners know that the subject is complex. The concept of performance applied to the public sphere is not easy because several factors related to the organization and state objectives require a lot of management flexibility and low rigour. Thus, to present it, the researcher will present some explanatory elements to illustrate it. Thus some concepts generally used in private companies will be examined and will allow to draw methods and means for the improvement of the performance of public entities.

Spanish abstract: Se analiza la evolucion del sistema de salud en Mexico. Para ello se exponen los motivos de la regulacion, asi como las soluciones posibles. Se analizan propuestas de politica y politicas que se han dado durante las ultimas decadas y se llega a una propuesta para el trato integral del problema. En ausencia de una vision sistematica de los problemas de equidad y de organizacion que plagan a los ambitos de aseguramiento en salud, administracion de planes y provision de servicios, es improbable que se construya una alternativa exitosa. English abstract: The evolution of the health system in Mexico is analyzed. This sets out the reasons for the regulation, as well as possible solutions. Policy and policy proposals that have been discussed over the past few decades are reviewed, and a proposal for the comprehensive treatment of the problem is reached. In the absence of a systematic view of the equity and organizational problems that plague the areas of health insurance, plan management and service provision, a successful alternative is unlikely to be built.

Russian Abstract: Итогом работы стал анализ социальной ситуации в Российской Федерации в 2020 году. Объектом исследования являлось население Российской Федерации. В ходе работы была выполнена оценка социально-экономического положения населения на основе статистического широкого спектра показателей, затрагивающих доходы и материальное положение населения, рынок труда, розничную торговлю, потребительские цены и пр. Основу достижения результата обеспечил непрерывный мониторинг, охватывающий оперативные данные статистического наблюдения. Полученные оценки базируются на результатах мониторинга, реализуемого Институтом социального анализа и прогнозирования РАНХиГС начиная с 2015 года. English Abstract: The work resulted in an analysis of the social situation in the Russian Federation in 2020. The object of the study was the population of the Russian Federation. In the course of the work, an assessment of the socio-economic situation of the population was carried out on the basis of a wide statistical spectrum of indicators affecting income and material situation of the population, the labor market, retail trade, consumer prices, etc. The basis for achieving the result was provided by continuous monitoring, covering operational statistical observation data. The estimates obtained are based on the results of monitoring carried out by the Institute for Social Analysis and Forecasting of the RANEPA since 2015.

French Abstract: Nous mobilisons un modele de micro-simulation s’appuyant sur un jeu de donnees individuelles particulierement riche pour evaluer l’impact de la crise sanitaire sur la situation financiere de plus de 645 000 entreprises francaises en 2020. Nous montrons que la quasi-stabilite de la dette nette au niveau macroeconomique masque de fortes disparites au niveau individuel. L’heterogeneite est marquee entre secteurs (avant et apres dispositifs de soutien public) mais egalement au sein de chaque secteur. L’occurrence et l’intensite des chocs negatifs de tresorerie a fin 2020 sont par ailleurs correlees a la qualite de credit de l’entreprise (cotation Banque de France) avant crise. Nos simulations montrent egalement que les mesures de soutien reduisent la dispersion des chocs de tresorerie et ramenent a une distribution a peu pres identique a celle d’une annee normale, sauf aux deux extremites de la distribution. English Abstract: Using rich granular data for over 645 000 French firms in 2020, this paper builds a micro-simulation model to assess the impact of the Covid-19 crisis on corporate liquidity. Going beyond the aggregate picture, we document that while net debt has been fairly stable at the macroeconomic level, individual heterogeneity is widespread. Significant dispersion in changes in net debt prevails both between and within industries, before as well as after public support. We show that the probability to experience a negative liquidity shock − as well as the intensity of this shock − are negatively correlated with the initial credit quality of the firm (based on Banque de France internal ratings). Our model also finds that public support dampens significantly the impact of Covid on the dispersion of liquidity shocks and brings back the distribution of liquidity shocks closer to its pre-crisis path but with fatter tails.

Russian Abstract: Данное исследование посвящено разработке подходов к оценке макроэкономических индикаторов, совокупной факторной производительности, производительности труда, капитала и других показателей в условиях цифровизации национальной экономики. В рамках исследования была применена методологическая база, основанная на положениях Системы национальных счетов ООН (СНС 2008), Европейской системы национальных счетов (ЕСНС 2010) и специализированных разработок международных организаций в области макроэкономической статистики и статистики цифровой экономики (ОЭСР, МВФ, Всемирный банк и др.). В работе осуществлено измерение и учет качественных характеристик новых продуктов с принципиально новыми параметрами, которые ранее не наблюдались и не учитывались в других товарах. Применение гедонического метода к данным (на примере рынка города Москвы) показало, что данный метод способен давать результаты, согласующиеся с выводами более ранних работ. Результаты исследования дают комплексную систему оценки социально-экономических эффектов цифровизации, а также ее долгосрочных последствий. Она может послужить основой для построения экономических прогнозов в сфере цифровой экономики при дальнейшей реализации экономической политики в России. English Abstract: This study is devoted to the development of approaches to the assessment of macroeconomic indicators, aggregate factor productivity, labor productivity, capital and other indicators in the conditions of digitalization of the national economy. The study applied a methodological framework based on the UN System of National Accounts (SNA 2008), European System of National Accounts (SNA 2010) and specialized developments of international organizations in the field of macroeconomic and digital economy statistics (OECD, IMF, World Bank, etc.). The work measured and accounted for the qualitative characteristics of new products with fundamentally new parameters that had not previously been observed or accounted for in other products. The application of the hedonic method to the data (on the example of the Moscow market) has shown that this method is able to produce results consistent with the conclusions of earlier works. The results of the study provide a comprehensive system for assessing the socio-economic effects of digitalization and its long-term consequences. It may serve as a basis for making economic forecasts in the field of digital economy in case of further implementation of economic policy in Russia.

Italian Abstract: Negli ultimi anni i cambiamenti climatici in corso e la transizione verso un modello di sviluppo economico sostenibile hanno assunto una rilevanza centrale per il sistema finanziario, chiamando in causa anche le banche centrali. Queste ultime, il cui interesse e testimoniato dai lavori del Network for Greening the Financial System (NGFS), stanno raccogliendo le sfide poste da tali fenomeni all'interno delle loro attivita istituzionali e di investimento. La Banca d'Italia, attraverso progetti di studio interni e partecipando ai maggiori tavoli di lavoro a livello nazionale e internazionale, contribuisce all'analisi dei rischi che i cambiamenti climatici comportano per il sistema economico e finanziario. Inoltre, in linea con i recenti sviluppi della finanza sostenibile, ha integrato criteri di sostenibilita nelle proprie decisioni di investimento. Questo lavoro ha lo scopo di dar conto delle evidenze finora ottenute circa i rischi e le opportunita legati ai cambiamenti climatici e alla finanza sostenibile, evidenziando quanto gia fatto e quanto ancora si possa fare per includere questi temi nell'agenda dei banchieri centrali. English Abstract: In the last few years, the climate changes under way and the transition towards a sustainable economic development model have become of great importance for the financial system, involving central banks as well. The latter, whose interest is demonstrated by the work of the Network for Greening the Financial System (NFGS), are taking on the challenges posed by these events as part of their institutional and investment activities. By means of internal study projects and by taking part in the most important round tables at national and international level, the Bank of Italy is helping to analyse the risks that climate change creates for the economic and financial system. In addition, and in line with the recent developments in sustainable finance, it has also integrated sustainability criteria into its investment decisions. This paper aims to give an account of the evidence collected so far on the risks and opportunities linked to climate change and sustainable finance, highlighting what has already been done and what else can be done to put these issues on the agenda of central banks.

espanolEste documento muestra la diferencia en la emision de bonos corporativos entre el area del euro y Estados Unidos en 2020, especialmente en el segmento de alto rendimiento [high yield (HY)], y analiza como las medidas de politica monetaria adoptadas por la Reserva Federal y el Banco Central Europeo (BCE) en respuesta a la crisis del COVID-19 pueden haber contribuido a explicar tal diferencia. Documentamos que la emision de bonos HY desde febrero de 2020 ha sido relativamente menor en el area del euro que en Estados Unidos. Las medidas de la Reserva Federal dirigidas al segmento HY, principalmente la compra de fondos cotizados en bolsa [exchange traded funds (ETF)] compuestos de bonos HY, podrian haber reducido los diferenciales crediticios y mejorado la liquidez del mercado, lo que a su vez podria haber estimulado la emision de deuda. Alternativamente, en el area del euro los emisores HY pueden haber disfrutado de mejores condiciones de financiamiento bancario debido a las operaciones de refinanciamiento a plazo mas largo del BCE y a otras medidas de las autoridades fiscales nacionales, lo que ha llevado a dichos emisores a sustituir la financiacion mediante bonos por credito bancario. El documento analiza estas posibilidades y argumenta que todas ellas pueden haber desempenado un papel hasta cierto punto. EnglishThis article documents the difference in corporate bond issuance between the euro area (EA) and the United States (US) in 2020, especially in the high-yield (HY) segment, and discusses the role that the monetary policy measures undertaken by the US Federal Reserve (Fed) and the ECB in response to the Covid-19 crisis may have played in explaining such difference. We document that the issuance of HY bonds since February 2020 has been lower by historical standards in the EA than in the US. The Fed’s measures aimed at the HY segment, mainly the purchase of HY bond exchange traded funds (ETFs), could have reduced credit spreads and improved market liquidity, which in turn could have stimulated debt issuance. Alternatively, HY issuers in the EA may have faced better bank funding conditions due to the ECB’s targeted longer term refinancing operations (TLTRO) and to other measures by national fiscal authorities, leading such issuers to substitute bank credit for bond finance. The article discusses these possibilities and argues that they all may have played a role to a certain extent.