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У статті запропоновано класифікацію благ за чинниками розміщення їхнього виробництва, урахуванням властивостей технологій виробництва благ, ресурсів, які застосовуються в цих технологіях, забруднень, що утворюються під час виробництва, а також самих благ. У статті наведено матрицю для класифікації видів економічних благ.

espanolLa incorporacion de la heterogeneidad del estudiante en el analisis, las diferencias en la calidad de la educacion y en la probabilidad de repitencia, tipicas en los paises en desarrollo, marca la diferencia entre una inversion en educacion atractiva y otra inconveniente. La metodologia asocia la calidad educacional y las tasas de repitencia con los retornos a la educacion. En particular, parece evidente que menos educacion secundaria, en el caso de Uruguay, es una inversion inconveniente para los estudiantes con desventajas, aun no teniendo en cuenta la posibilidad de que dichos alumnos no puedan afrontar los costos de oportunidad, hecho que probablemente tambien explica la fuerte desercion de este tipo de estudiantes en muchos paises en desarrollo. EnglishThis paper shows that when student heterogeneity is introduced in the analysis, differences in the quality of education and in the probability of repetition, typical in developing countries, mark the contrast between an attractive and an inconvenient investment in education. The methodology associates educational quality and repetition rates with educational returns. In particular, it makes apparent that lower secondary education, in the case of Uruguay, is an inconvenient investment for disadvantaged students, even disregarding the possibility of such students not being able to afford the opportunity costs, this fact probably also explains the heavy dropout rates of this student type in many developing countries.

El objetivo del trabajo es analizar la evolución de la productividad de la tierra agrícola en el Sudoeste Bonaerense (SOB) durante el período 1970-2010 y hacer una comparación con el mismo indicador a nivel país, que usa índices Divisia en su versión discreta (Índice Törnqvist - Theil). Debido a la falta de información completa para trabajar con Productividad Total de Factores, en esta aproximación al tema se calcula la Productividad de la Tierra Agrícola. Los resultados muestran una tendencia levemente decreciente en la productividad de la tierra agrícola regional a la inversa de lo sucedido a nivel nacional.

El objetivo de este trabajo es estudiar los efectos de la apertura económica y la globalización sobre la estructura del gasto público provincial en la Argentina. En particular, resultan de interés los efectos sobre el gasto social y sus componentes como expresión del Estado de bienestar. La mayor parte de la literatura se ha ocupado de identificar esta relación a nivel de países y un aspecto novedoso de este trabajo es la extensión del análisis al sector subnacional. Otra contribución es la estimación de un índice de globalización provincial adaptada del índice KOF propuesto por Dreher (2006). Se estima un modelo dinámico mediante el método generalizado de momentos en diferencias, utilizando un panel de datos para las 24 jurisdicciones de la Argentina para el período 1993-2010. Los resultados indican que la apertura y la globalización de la economía impactan negativamente en la participación del gasto social, resultado esperable desde el punto de vista del efecto “eficiencia” versus el efecto “compensación”, aunque hay indicios de políticas compensatorias del gasto en educación., The aim of this paper is to study the effects of economic liberalization and globalization on the structure of provincial government spending in Argentina. In particular, the effects on social expenditure and its components as an expression of the welfare state. Most of the literature has focused on identifying this relationship at the country level and a novel aspect of this work is to extend the analysis to the province. Another contribution is to estimate an index of provincial globalization adapted from Index KOF (Dreher, 2006). A dynamic model is estimated using the generalized method of moments and a panel data for 24 jurisdictions of Argentina for the period 1993-2010. The results indicate that openness and globalization of the economy, negatively impact the share of social spending, the result expected from the point of view of the “efficiency” effects versus the “compensation” effects; although there are indications of compensatory policies related to education spending., Facultad de Ciencias Económicas, Centro de Estudios Distributivos, Laborales y Sociales

El trabajo estima los efectos sobre el bienestar de los hogares frente a una quita del 20% de subsidios al sector energético argentino (aguas abajo) mediante el uso de un modelo de equilibrio general computado. El modelo presenta una detallada desagregación del sector energético y de los hogares. Los resultados sobre el bienestar resultan ambiguos y dependen fuertemente de la medida compensatoria que toma el gobierno con el gasto en el cual deja de incurrir.

El pensamiento de Milton Friedman en el marco de la escuela de Chicago

En este trabajo se analiza la convergencia económica de los departamentos de Mendoza durante el período 1996 a 2012. Se examina la evolución de las desigualdades territoriales mediante indicadores de disparidad, dispersión y brechas de crecimiento. No se encuentran evidencias de un proceso de convergencia territorial. El coeficiente β estimado resulta positivo y estadísticamente no significativo; el Coeficiente de Williamson, σ-convergencia y brechas de crecimiento revelan un leve aumento de la desigualdad, especialmente durante períodos de auge. Tampoco se encontró evidencia de relación positiva entre crecimiento y especialización agropecuaria. La inserción internacional del sector agroindustrial no contribuyó a mejorar significativamente la situación de los territorios fuertemente agropecuarios, los de menor desarrollo relativo provincial.

El presente estudio analiza las diferencias tecnológicas entre dos grupos de productores de leche, familiares (PF) y con manejo empresarial (PME). Para obtener estimaciones de efi ciencia técnica comparables entre los dos grupos se utiliza la metodología de meta-fronteras. Aunque los PME son técnicamente más efi cientes que los PF (0.702 y 0.487, respectivamente) ambos grupos podrían obtener un mayor nivel de productividad mejorando su efi ciencia técnica. Además, cada no de los grupos opera bajo diferentes condiciones tecnológicas. El valor promedio del meta-ratio es 0.911 para los PME y 0.807 para los PF. Por lo tanto, los PME deberían invertir en nuevas tecnologías para reducir la brecha tecnológica, mientras que los PF podrían implementar las prácticas y tecnologías prevalecientes que están siendo usadas por los PME.

Este artículo examina la posición dominante de la economía en la red de ciencias sociales en Estados Unidos. Primero documenta su insularidad relativa usando datos bibliométricos y luego analiza el rígido control desde arriba que le da su estructura jerárquica característica. Los economistas también se distinguen de otros científicos sociales por su mejor situación material, su visión del mundo más individualista y su confianza en la disciplina para resolver los problemas de mundo. Estas características constituyen lo que aquí se llama la superioridad de los economistas, cuya supremacía objetiva está ligada íntimamente a la sensación subjetiva de tener autoridad y derecho a ella. Esa superioridad alienta su intervención práctica y su gran influencia en la economía, pero también los expone a conflictos de interés, a la crítica política e incluso al ridículo. In this essay, we investigate the dominant position of economics within the network of the social sciences in the United States. We begin by documenting the relative insularity of economics, using bibliometric data. Next we analyze the tight management of the field from the top down, which gives economics its characteristic hierarchical structure. Economists also distinguish themselves from other social scientists through their much better material situation (many teach in business schools, have external consulting activities), their more individualist worldviews, and in the confidence they have in their discipline’s ability to fix the world’s problems. Taken together, these traits constitute what we call the superiority of economists, where economists’ objective supremacy is intimately linked with their subjective sense of authority and entitlement. While this superiority has certainly fueled economists’ practical involvement and their considerable influence over the economy, it has also exposed them more to conflicts of interests, political critique, even derision.

Global value chains (GVCs) are both a product and a facilitator of the model of globalization that dominated for almost two decades following Soviet collapse in 1991. The North Atlantic Financial Crisis of 2007 onwards undermined that dominance, as did the subsequent economic stagnation and associated rising political and social discord. The reversion to more nationalist modes of discourse and policy marks the return of a more visibly geopolitical dimension to the global political economy. The Covid-19 pandemic has accelerated and accentuated these trends. This paper charts the emergence and consolidation of the era of "one world, ready or not", and employs the work of various critical authors, most prominently William Greider. Greider's extensive critique of US-led globalization, offshoring, and what has since become known as "supply chain capitalism" not only appears prescient by comparison with the work of contemporaneous, high profile representatives of the economics discipline who were its champions, but helps us to locate the sources of its unravelling. The implications of this for GVCs are outlined in the final section, which foresees a fragmentation of the world into spheres of influence dominated by regional powers, each of varying strength and cohesion. This will most likely result in the reconfiguration of many GVCs along more regional lines, as the dictates of efficiency clash with the requirements of supply chain resilience and the associated prerogatives of national security, as defined by those states at the centre of the new regional power blocs. Common to all phases of development discussed in this paper is the subordination of the peoples of the Global South, as the mechanisms of imperialism are adjusted and adapted to the changing conditions arising from the irreconcilable contradictions of global capitalism.

This study analyzed factors determining the non-adoption of the CPF delivering service made available digitally, distinguishing non-adopting citizens due to demographic variables and technology usage habits. Theoretical basis was the Unified Theory of Acceptance and Use of Technology 2 (UTAUT2). The descriptive quantitative study obtained a sample of 383 postal customers. The instrument's internal consistency was assessed by Cronbach's Alpha, Pearson and Spearman correlations between variables were analyzed, in addition to tests: Student's T, ANOVA and Chi-square. It was concluded that there is a complexity to meet user needs given the demographic characteristics existing in Brazil. The study recommends actions that lead to the development of more intuitive platforms, which mayincrease the diffusion of the digital platform.

In this paper, taking the per capita tourism revenue of the administrative units of Chinese mainland from 2007 to 2018 as an indicator, we analyze the unbalanced regional tourism growth in Chinese mainland and its trends by using kernel density estimation (KDE), the Gini index, and exploratory spatial data analysis (ESDA). The results demonstrate that (1) the distribution of regional tourism data in Chinese mainland and its four economic regions tends to converge, and the relative difference in tourism development among cities is slowly decreasing. (2) The differences in regional tourism development within the four economic regions in China are different, and each part shows its own degree of decline, with the gap in regional tourism development in Western China being the largest, and that in regional tourism growth in Northeast China the smallest. The difference in regional tourism development in both East and Northeast China decreased significantly and that in Central China decreased the least. (3) Finally, the difference in regional tourism development is dominated by a positive spatial correlation. The range of high-high types has expanded, and low-high and high-low types have decreased.

The global telecommunications industry has witnessed tremendous challenge in the last two decades. Telecommunications companies in Nigeria have formulated policies that could enable them to cope with the global challenge. However, most of them have not really employed strategic options that could enable them to cope with the changing condition. The main objective of this study is to examine the effect of Miles and Snows strategies which is considered the major approach that could promote competitiveness in the industry to enable them manage and survive other present and future challenges. The study adopted survey research design and population composed of 7,567 top and middle level management staff of four major service providers MTN, Airtel, Globacom and 9Mobile with sample size of 380 determined scientifically through Yamane’s formula. Combinations of judgemental and stratified random sampling techniques were used to select participants for the study from the selected Telecommunication Companies. Out of the 380 content validated questionnaire subjected to cronbach’s alpha measure of reliability distributed, 369 were retrieved representing a response rate of 97.1%. The study reaffirmed the efficacy of Mile and Snow’s competitive strategy. It was recommended that Telecom Company should adopt prospector, analyzer, and defender strategies to improve their performances.

The Spanish high-speed train, known as AVE, has been the commitment in Spain's transport infrastructure for the past 25 years. Along the first twenty years of use, however, the use of this means of transport has presented some figures of utilization well below than anticipated, and very far from other countries'—such as Japan or France—figures. In this work, through descriptive and econometric analysis, we demonstrate how certain political decisions, based on the pricing model mainly, have managed to change the trend and maintain a stable growth process in the number of passengers, favouring tourist flows in a country very dependent on tourism such as Spain.

Kees Mandemakers has been a leader in the study of linked population data, but not every society has the sources or resources to create linked data. This essay is about one approach that derives from a source that does not offer all that is possible with linked longitudinal data, but that nonetheless has significant value. Migration to California is one of the persistent refrains encountered in both popular and academic works about the history of the 1930s. The reason for this is simple. In literature and the arts, images of that migration are well known, but while those themes are accurate, they have not been sufficiently studied. My approach is to study migration using census data that ask a retrospective question about where each respondent lived five years earlier, in this case tracking migration from 1935 to 1940. Focusing on migrants to California and the paths that they took, I show that there was migration from much of the U.S. especially metropolitan areas across the country, from states near to California, and from places subject to the severe environmental shocks of the 1930s. I also show that while much of the general view of migration to California focuses on agricultural workers who left their homes in search of farm work further west, the large majority of migrants to California went to metropolitan destinations and worked as much in industry and commerce as in agriculture.

The Intermediate Data Structure (IDS) was developed as a strategy aimed at standardizing the dissemination of micro-level historical demographic data. The structure provides a common and clear data strategy which facilitates studies that consider several databases, and the development and exchange of software. Based on my own experiences from working with the IDS, in this article I provide reflections on the use of IDS to create datasets for analysis and to conduct comparative demographic research.

The Leuven research team working on historical demography is grateful for their opportunity to have collaboratively and intensively worked with Professor Dr. Kees Mandemakers over an extended period of time. We wish him a wonderful emeritus status, not only in academia, but also in the warm nest of his family, relatives, children, and grandchildren. The three of us have known Kees for some time, but most closely since 2014, when we became formally engaged as project partners under the so-called LONGPOP-project, an EU funded Marie Curie grant, named Methodologies and Data mining techniques for the analysis of Big Data based on Longitudinal Population and Epidemiological Registers. The importance of our close professional relationship is best demonstrated by our work in producing the COR*-IDS 2020 database. The historical demographic dataset for the Antwerp arrondissement, a letter sample COR*-2010, recorded total sample size of +/- 33,000 residents of Antwerp for nearly seven decades and was already available. The LONGPOP project began in Autumn 2016, setting in motion a collaboration between ourselves at KU Leuven and Kees and his colleagues at the IISH. From the outset, we had purposefully worked closely with Kees' team, utilising their premier expertise in database management and the IDS towards the new release of our database, the Antwerp COR*-IDS dataset. Here we set out our recollections of that intellectual process, encompassing the personal and professional reflections of our close working relationship.

In this study we ask the question to what extent 19th-century university professors were a closed occupational group in the sense that they had little intergenerational and marriage mobility. We do so in honor of Kees Mandemakers, who is about to retire as a professor, but whose younger family members may follow in his footsteps. We derive competing hypotheses from cultural capital theory and the meritocracy thesis and test them using civil marriage records for the period 1813–1922 in six Dutch provinces (N = 1,180,976 marriages). Although only 4.4% of all university professors had a father in the same occupation, the odds ratio of 331 shows that this is much more likely than to be expected under independence. Similarly, professors were much more likely to marry the daughter of a professor. Compared to other elite occupations the intergenerational immobility of professors was not especially high, but their marriage immobility was exceptional. Cultural capital theory receives more support than the meritocracy thesis. We hope that Mandemakers, Mandemakers and Mandemakers will accept the challenge and investigate whether these findings can be generalized to contemporary society.

Big Data is a relative term, and Small Data can be equally important. Not only the volume of data defines if data is 'Big', but three more Vs characterise the term: velocity (speed of data generation and processing), veracity (referring to data quality) and variety. Perhaps the most defining is methodological: data becomes really big when new methods are needed to process and analyse it. In contrast, this paper demonstrates how even a tiny dataset can contribute to our understanding of the past, in this case of the historical geography of two provinces in Ottoman Greece in the 17th century. Graph analysis is used on a dataset of just 16 data pairs, illustrating the point that a close-up view of data complements the look from farther away at bigger data volumes.

This collection of essays pays tribute to Kees Mandemaker's great contribution to the data infrastructure of social science history, in the Netherlands and elsewhere. Several essays discuss (the future of) historical databases. Yet other provide examples of research on topics covering important life course transitions. All demonstrate the scale, scope and variation of research based on well-constructed databases.

This paper describes a case study on nominal record linkage on data from the Mandemakers family. It is demonstrated how names from birth, marriage and death certificates can be used for fast, probabilistic, ego-based record linkage, with the help of year of birth to arrive at unique identification. The procedure includes name standardization to overcome variation in spelling and the use of probabilities of combinations of given names and surnames, computed from the digitized 19th century Dutch vital register.

Economists in the tradition of the Austrian school have shown that one type of maturity mismatching can cause maladjustments and business cycles.1 When banks expand credit, by granting loans and creating demand deposits, they generate immediately withdrawable liabilities to finance longer-term loans. The newly created demand deposits do not represent a reduction of consumption, i.e., that characterized by real savings. As a con sequence, in terest rates are artificially reduced under the level they would have been in a free market reflecting real savings and time preference rates.2 Thus, entrepreneurs are prone to engage in more and longer projects than could be financed with the available supply of real savings. Before all projects that are financed by the credit expansion are finished, a bust occurs. An absence of realsavings to sustain the factors of production in the production pro cesses and to produce complementary and necessary capital goods becomes evident. As a result, malinvestments are liquidated and the structure of production is brought in line with consumer preferences again. This is the Austrian Business Cycle Theory (ABCT) in a nutshell. As a remedy Austrian economists such as Selgin (1988) and White (1999) have argued that a free banking system would be a means to inhibit the excessive credit expansion that causes business cycles. They maintain that the competition between banks would limit the credit expansion of the banking system effectively. Other Austrians such as Rothbard (1991) and Huerta de Soto (2006) have gone further and advocate a 100 percent re - rerve banking system ruling out credit expansion altogether.3 In this article it is argued that a 100 percent reserve system can still bring about artificial booms by maturity mismatching if there is a central bank or government support and guarantees for the ban king system. Even if we accept the case for a 100 percent re - serve requirement, we see that the maturity mismatching of liabilities and assets (borrowing short and lending long) is itself perilous–and in the same sense that fractional reserves are perilous.

In 2021, the issue of supporting the Member States for the European Union to ensure the transition to a normal economy as soon as possible, deeply affected by the health and economic and financial crisis. However, it is necessary to launch major objectives at Community level that give consistency to economic recovery. The approach in this article is also in this context. The Member States of the European Union aim individually and at the same time in a complex way to achieve superior results, in order to ensure sustainable economic growth, which would be the main factor in improving living conditions. In this sense, that of the economic growth of the European Union and of all the Member States, it is important to initiate economic objectives with the participation of as many Member States as possible. At the same time, the individual development of each stratum is important so as to ensure harmonized growth in order to pursue the second objective, which is to bring the level of economic growth closer to all Member States. Member States’ individual investments, as well as those harmonized in the context of economic objectives, are the steps by which this challenge could be achieved, could be met. There are enough contradictions in the European Union, in the sense that some states that have entered the last tranche or the last stage in the European Union, have yet to set a series of individual objectives to ensure the elimination of dysfunctions and consequently, creating a harmonization of economic developments. The question is whether the European Union is an appropriate framework, so that actors and partners can look with confidence and confidence to achieve major goals. The example of Brexit is one that brings a new possibility of insecurity, in the sense that the United Kingdom leaves a gap in terms of individual participation in the Community budget. Under these conditions, it is likely that the annual and multiannual budget will be slightly smaller and the lack of Great Britain in the entourage of the Member States will be able to be covered only by a sustained activity on multiple levels by the Community countries. There are a number of objectives in the European Union’s strategy that must be pursued in full accordance with the national strategies of the Member States. Only a harmonized policy can ensure a development closer to the aspirations and wishes of the Member States. The European Union is also manifested in a series of contradictions that exist between some Member States, which arise between what each Member State pursues and the global policy promoted by the European Union. In this regard, in this article we will seek to identify those points that may be positive aspects of harmonization of efforts or that are discordant and should be eliminated in order to reach a possibility of correlating the intentions and measures taken, so that it can be achieve some of the challenges facing the European Union. It should also be noted that between the United States and the European Union in economic, trade, tourism there are some different positions that can have an effect on the development of the European Union and its Member States within it.

Acknowledging the fact that immigration crisis is one of the most debated and challenging phenomena, especially in most of the OECD countries, this study involves a utilisation of the panel econometric techniques like Panel Error Correction Model, FMOLS and DOLS to empirically analyse the direction of the effects of immigration on native unemployment, in both the short and the long run, in aggregate. The analysis has been performed on a sample of 33 OECD countries between 1990 and 2017. The results suggest that immigration reduces unemployment in the short as well as the long-run. The impacts of immigration on unemployment are confirmed with a series of robustness tests using different estimation techniques and combination of regressors.

Theory of the games offers perfect tools for modelling imperfect competition specific processes, manifested in relation with product quantity (Cournot/Stackelberg type), product price (Bertrand type) or quality. The equilibrium solution in terms of output is highlighted in a Cournot situation, whilst the price equilibrium solution can be revealed in a Bertrand scenario. Despite the different strategy type based on, the common denominator of these two models is given by the fact that strategic choices are made simultaneously. The Stackelberg model instead, represents a perfect information sequential game – firms advocating for quantity competition – having both theoretical and practical applicability. In the simplest possible case, with two players moving in two stages, the leader will always choose a certain output level, and the follower observes this decision and then establish his action path accordingly. Present paper’s main goal is to analyze a duopoly market with players adopting a Stackelberg behavior. Regardless the analyzed scenario, both firms are expected to survive and a stable equilibrium will manifest (the Subgame Perfect Equilibrium). The price will be invariable at market demand curve slope, whilst player’s choosed quantities and also gained profits level will be in an inverse dependence relation with it. The leader’s chosen output and also registered profit levels will be double vs the follower’s profit.

Deepening of financial system in emerging market economies is crucial for economic development. Financial depth enhances the ability of financial system to supply funds to private sector. In this study, the impact of exchange rate volatility on financial depth in Brazil, Russia, China and South Africa is investigated in the short and long run. In this regard, annual data belonging to 1980-2018 period is used. The findings obtained from empirical analyses confirm that real exchange rate is not a factor that affects financial depth and so financial development. On the other hand, financial depth is a factor affecting exchange rate volatility in Brazil, Russia, China and South Africa. These results may be a reason of relatively enough size and development of financial systems. Moreover, dominancy of public sector in financial system may be another reason.

In this paper we explain the influence of some economic-social and psychological factors on a higher life satisfaction, as an expression of the subjective state of well-being, on a sample of 32 European countries. In the analysis, we used results of surveys on quality of life conducted during 2011-2012 and 2016 by Eurofound. We opted for estimating spatial models to highlight influences on well-being due to the existence of spatial autocorrelation between variables. The findings reveal that there is consistent positive relationship between life satisfaction and satisfaction in the fields and a significant negative relationships were found in relation to negative emotions, perception of a high degree of corruption in society or, even more importantly, unequal income distribution.

The growing within-country income inequality has brought to the forefront of the economic policy agenda the question of the role of fiscal policy in income redistribution. However, there may be a tradeoff between the objectives of addressing income inequality and promoting economic growth vis-à-vis fiscal policies. This study investigates the potential growth-inequality tradeoffs in the design of fiscal policy in Cote d’Ivoire. Using a Bayesian VAR framework which is more suitable to deal with possible issues that may appear in small data sample, the results show that a positive shock in government current expenditure undermine economic growth but reduce income inequality. Also, we find that public investment and direct taxes promote growth and reduce income inequality while indirect taxes decelerate growth with a marginal effect on income inequality. Overall, our findings reveal that government current expenditure is the fiscal policy instrument that generates growth-inequality tradeoff in Cote d’Ivoire.

We develop a health production model with input financing in the spirit of standard health capital model. Health production depends not only on tangible inputs required to produce health services, but also depends on institutional set up or governance, and general awareness about health and related issues. In our model, part or all of inputs required to produce health is financed through tax revenues. Using Cobb-Douglas utility and production function, we explore the optimum tax rate under various scenarios of health care financing through tax revenues. The model is further extended to account for increasing returns to scale where input elasticity parameters in health production are not same. We find that increasing returns to scale in health production calls for higher tax rate to finance health productions.

This paper analyzes the effect of Bank of Japan’s implementation of negative interest rate policy on various macroeconomic indicators – the Nikkei Stock, unemployment rate, foreign exchange rate, gross domestic product (GDP), and inflation rate – in a pre-and-post analysis. The implementation of negative interest rates was in response to conventional monetary policy having little to no effect after the financial crisis of 2008. The Bank of Japan was not the first central bank to implement negative interest rates; however, it is only one of six central banks to do so. For this reason, literature in unconventional monetary policy, specifically negative interest rates, is limited. In this paper, we find evidence that movements in the Nikkei 225 Stock, the exchange rate, unemployment, and GDP coincide with movements expected under conventional monetary policy. We also find evidence of statistically significant impact on GDP and unemployment. However, we could not find evidence it had an effect on the inflation rate. Overall, this paper finds that the unconventional monetary policy of negative interest rates followed similar movements as that of conventional monetary policy.

This study is the first attempt to investigate the empirical relation between progress in technology and unemployment of high and low skilled workers at macro level. Although there is substantial literature on the theory to associate unemployment with technology, empirical analysis of the relation is rare. The theoretical background is split between two opposing assertions: On one side, technology is claimed to increase unemployment since more advanced technology replaces labor, especially in advanced countries where the cost of labor as wages is too high. On the contrary, technology is supposed to cause the enlargement of the already existing sectors and the formation of new industries. We established a model to check for the existence of a cointegrating relation between technology and unemployment using additional control variables with Pedroni’s (1999, 2001) methodology. After securing our model’s adequacy, we report that technology leads to more unemployment, even in developed countries. On the other hand, we detailed the analysis by searching for the nature of the same relation with high and low skilled workers. Our estimation results revealed that the relationship is somewhat different for these skill groups.

This article analyses the efficiency of coal-fired power plants in Romania in the European Green Deal context. The focus is on the coal-fired power plants of the Oltenia and Hunedoara Energy Power Plants, as they generate over 97% of coal-fired electricity in Romania. Oltenia Energy Power Plant (CEO) is composed of eleven power plants with an average lifetime of 37 years while of Hunedoara Energy Power Plant (CEH) is composed of six power plants with an average lifetime of 42 years. At the same time, the article estimates the impact of the closure of these two energy groups on the main air pollutants and how close this would bring Romania to the targets set by the Green Deal for 2030. The article also estimates the losses from different energy sources incurred in the process of transforming raw electricity into electricity delivered to the consumers and finds that oil & gas and coal sectors have considerably higher losses than other electricity sources, with wind being the most efficient from this perspective.

This article has analyzed the association of economic-political uncertainty with efficiency in international capital markets. As the Adaptive Markets Hypothesis (HMA) points out, market efficiency may be affected by changes in market conditions. We understand that periods of economic-political uncertainty represent changes in the economic environment of countries. The capital market’s efficiency level was obtained through Hurst’s exponent, calculated based on the average performance indicators of stock markets belonging to 21 different economies. We got the political-economic uncertainty through an index representing the frequency of information regarding uncertainty made available in the countries’ media from 2003 to 2018. After calculating Hurst’s exponent in four-time windows, the regression method with panel data was used, with the cultural dimensions, inflation, and growth of the economy as control variables. The results point to a negative and significant relationship of economic-political uncertainty with market inefficiency. These findings denote periods of more significant economic-political uncertainty and tend to present less informational inefficiency. However, the global financial crisis results point to a positive and significant relationship between political uncertainty and market inefficiency. These results show that uncertainty increased the level of inefficiency, specifically in periods of recession. However, this picture has reversed over the years, which may represent that the economies have begun to adapt to these environments of uncertainty, thus corroborating capital markets’ adaptability.

The role of saving in promoting economic growth has received considerable attention all over the world. Saving is considered as real driving force behind the growth of an economy. The aim of this paper is to examine the casual relationship between economic growth and savings in India. To analyze this relationship time series data from 1960 to 2019 was used. To check the stationarity of data ADF and PP test were used. The Johansen co-integration test was employed to check the relationship between the variables. Finally Granger causality test was applied to see the direction of causality. The results have shown that all the variables are non stationary. The Johnson method shows that both the variables share the relationship with one another. The econometric evidence supports that savings do cause economic growth and economic growth in turn to savings. The bi-directional casual relationship was observed, which suggests that in India higher economic growth leads to higher savings and higher savings to more economic growth.

The present study attempts to assess the impact of institutional investments, foreign direct investment, index of industrial production, interest rate, inflation rate, exchange rate, gold rates and oil prices on the sectoral indices of NSE using monthly data from 01/01/2009 to 30/12/2019. The study is covering four sectoral indices financial services, FMCG, IT and oil and gas which cover almost 78% of market capitalisation of NSE. An autoregressive distributed lag (ARDL) model is used to examine the short run and long run method co-integration between macroeconomic variables and stock market performance as the variables are integrated of different order. The outcomes of the study find that in the long run institutional investment and index of industrial production are the major determinants and in the short run, the major determinants are index of industrial production, wholesale price index and exchange rate. Government must focus on these areas to efficiently run the stock market.

Amidst the ongoing liberalization of international trade and transnational movement of capital, each nation-state’s fiscal policies have gradually become more dependent on other countries. Developing countries, especially, are forced to make changes to taxation and public expenditure in this era of globalization. It is thus important to understand what kind of relationship exists between globalization and public spending. This study aims to clarify the effects of fiscal competition on public expenditure, from the perspective of the compensation and efficiency theses. These effects currently remain uncertain, despite the growing wave of academic interest in the field. To see how fiscal competition affects the structure of public expenditure, the determinants of public expenditures have been examined for 10 Organization for Economic Co-operation and Development (OECD) countries from 2006-2014. Eleven panel data models have been set up. Public expenditures, as the dependent variable, have been addressed in 10 sub-groups – based on their distribution both as a whole and per their socio-economic functions. Thus, we analyzed the relationship between fiscal competition and both total of public expenditures and the composition of public expenditures. The study thus contributes to the existing literature on fiscal competition. It is observed that corporate tax competition has decreasing effects on all public expenditures. Falling tax revenues due to fiscal competition have the effect of reducing overall public expenditures by decreasing the resources available for use by public policymakers. We can thus evaluate corporate tax competition as having an efficiency increasing effect, by decreasing the government’s share of within the economy.

This paper attempts to investigate the relationship between capital account openness and occurrence of financial risks in India by employing finite distributed lag model. Annual data from 1979 to 2018 on real effective exchange rate, real interest rate, international reserve and net capital have been used to compute Exchange Market Pressure index and the degree of capital account liberalization. The study finds that opening up of capital account will have harmful effects on the financial stability of the country in the initial years, say a year or two. However, the degree of financial risks will go down in later years by influencing capital inflows. Finally, the study has suggested that the Reserve Bank of India needs to take precautionary measures to mitigate short term volatility of capital flows before choosing fuller capital account convertibility.

In an efficiently functioning market, the exchange rate and return from the currency futures contract should be perfectly contemporaneously correlated. In this article, the authors investigated the interconnection between volatility and trading activity (open interest and volume) during January 2012 to March 2020 in Indian currency futures market. Data on three variables are used: trade settlement rates, open interest, and trading volumes for each one of the currency futures contracts. The paper found the corroboration of time-varying volatility, which exhibits high persistence and predictability in the Indian futures market. The results imply that the speculative activities, as proxied by the volumes, tend to increase the futures volatility from the GARCH (1,1) model and trading volumes have a positive relationship with volatility, while open interests have a negative relationship with volatility. The ramifications imply that futures volatility from the GARCH (1,1) model increases based on speculative activities which are proxied by the volume. Thus, Open interests have a negative impact with volatility, but trading volumes have the exact opposite relationship.

The goal of this paper is to investigate the reaction of monetary policy in Turkey to the coronavirus disease pandemic through the credit channel. For this purpose, the paper employs nonlinear smooth transition models considering nonlinearity. The empirical findings show a positive reaction of monetary policy to the confirmed cases and deaths. Therefore, the paper discovers the credit channel in Turkey is likely to play a critical role in the fast recovery of the Turkish economy during the pandemic period.

El presente ensayo busca compartir algunas reflexiones en torno a la pandemia de COVID-19 en el Perú. La idea central refiere a que tanto el Estado como la sociedad peruana hicieron lo que pudieron en la medida de sus posibilidades y, a pesar de las cerca de 70 000 muertes, es posible que se haya evitado la mayor catástrofehumanitaria de nuestra historia conocida. En primer lugar, si comparamos la epidemia de COVID-19 con otros eventos de nuestra historia. Por otro lado, hablando de las fortalezas y debilidades al momento de manejar la crisis. Y por último, una estimación de qué hubiera pasado de no haberse tomado ninguna medida.

Este estudo tem por objetivo analisar o crescimento da agroindústria no Brasil no período de 2006 a 2016. Para tanto utilizou-se a Análise Exploratória de Dados Espaciais (AEDE) e a Regressão Ponderada Geograficamente (RPG). A AEDE indicou a existência de autocorrelação espacial positiva no crescimento dos estabelecimentos da agroindústria, já os resultados da RPG, que estima os efeitos locais do modelo em questão, evidenciaram o efeito local das variáveis PIB per capita, quociente locacional da agropecuária, valor adicionado da agropecuária, área da microrregião e percentual de funcionários com nível de ensino médio nas microrregiões das regiões Norte e Nordeste do país, regiões que apresentaram as maiores taxas de crescimento no período e contribuíram significativamente com o crescimento da agroindústria.

El objetivo de este trabajo es estudiar los efectos de la existencia de tasas reducidas, bienes a tasa cero y exenciones del IVA en Argentina sobre los precios de los bienes (efectos sobre la eficiencia económica), el impacto distributivo y la eficiencia recaudatoria. El impuesto al valor agregado se ha constituido a lo largo del tiempo en un tributo clave de la estructura impositiva argentina, con una recaudación de 7.36% del PBI en el año 2018 y una participación en el total de recursos tributarios del 32.6%. La eficiencia “C” es del 47%, lo que muestra que el potencial recaudatorio del IVA es importante y cualquier posible reforma tributaria debería poner el foco en la mejora del diseño e implementación de este impuesto., The aim of this paper is to study the effects of the existence of reduced rates, zero-rate goods and VAT exemptions in Argentina on the prices of goods (effects on economic efficiency), the distributive impact and collection efficiency. The value added tax has become over time a key tribute to the Argentine tax structure, with a collection of 7.6% of GDP in 2018 and a share in total tax resources of 32.6%. Efficiency “C” is 47%, which shows that the potential for VAT collection is important and any possible tax reform should focus on improving the design and implementation of tax., Facultad de Ciencias Económicas

Este estudio tiene por objeto analizar el comportamiento de la discriminación salarial por género del mercado laboral paraguayo del sector formal con foco en la zona metropolitana y fronteriza con Brasil durante el período 2017 a 2019. Para tal efecto, se estimaron las ecuaciones de salarios de Mincer (1974) y la metodología de Heckman (1979). Posteriormente, se realiza la descomposición de Oaxaca-Blinder (1973). Los resultados indican que pese a la disminución de la brecha salarial en el período analizado aún persisten las desigualdades de ingresos por género. Parte de la brecha de ingresos se debe a factores no explicados, que podrían atribuirse a la discriminación. Por esta razón, es necesario implementar políticas que garanticenla igualdad salarial por sexo.

The study aims to analyze how differences in teacher characteristics may explain the gap in educational performance of 9th grade students between urban and rural public schools in Brazil in 2017. The results show that teachers with a degree in area that teaches positively and significantly influence the performance in Portuguese Language and Mathematics, the effect being greater for students of rural schools. However, this influence declined as the quantile in both areas increased. Moreover, the decomposition suggests that the aggregate contribution of differences in teacher characteristics, and their coefficients, to differentials is small compared to the aggregate effect of other characteristics. O estudo objetiva analisar como as diferenças nas características dos professores podem explicar a lacuna no desempenho educacional dos alunos do 9º ano do ensino fundamental entre escolas públicas urbanas e rurais no Brasil em 2017. Os resultados mostram que professores com licenciatura na área influenciam positivamente e significativamente o desempenho em Língua Portuguesa e Matemática, sendo o efeito maior para estudantes de escolas rurais. Contudo, essa influência descresse à medida que aumenta o quantil em ambas as áreas. Ademais, a decomposição sugere que a contribuição agregada das diferenças nas características dos professores, e de seus coeficientes, sobre os diferenciais é pequena quando comparada ao efeito agregado das outras características.

As decisões de onde viver e trabalhar envolvem dilemas entre oportunidades, salários, tempo de deslocamento e custo de vida. O objetivo do artigo é analisar quais os fatores municipais associados com as maiores taxas de deslocamento pendular, nos municípios brasileiros em 2010, compreendendo esses movimentos como possivelmente autocorrelacionados espacialmente. Para tanto, utilizaram-se técnicasde econometria espacial. Dentre os principais achados está a necessidade da ponderação da autocorrelação espacial na análise dos determinantes da mobilidade pendular. Ademais, os resultados indicam que variáveis de mercado de trabalho e de aglomeração urbana estão diretamente associadas aos maiores fluxos de entrada de pendulares. Por outro lado, as características de infraestrutura urbana não parecem explicar a pendularidade pelas mesmas vias que explica a atratividade migratória.

A Economia Comportamental avança como alternativa à abordagem mainstream econômica, pressupondo que a racionalidade limitada dos agentes os conduz a regras simplificadoras na tomada de decisão, as heurísticas. O objetivo deste trabalho foi analisar os efeitos da heurística da ancoragem e ajustamento em estimativas numéricas de itens de consumo entre os estratos socioeconômicos de indivíduos fortalezenses. Para tanto, realizou-se uma pesquisa empírica com análise posterior nos moldes estatísticos propostos por Jacowitz e Kahneman. Os resultados indicaram uma grande influência do efeito ancoragem nas decisões desses agentes. O Estrato Baixo foi mais influenciado pelas âncoras que o Médio, que sofreu maior influência que o Alto. Concluiu-se que a estratificação socioeconômica afetou as estimativas numéricas dos indivíduos no ambiente de consumo.

The main objective of this study is to determine whether there have been TFP increases in the Korean manufacturing sector due to trade liberalization since the 1990s. Based on the methodology proposed by Pavcnik (2002), which focuses on the channel through which trade liberalization measures enhance overall industrial productivity by triggering the exit of low-productivity firms, this study tests the following two hypotheses: first, the TFP increase in the Korean tradable industry is not higher than that in the non-tradable industry, and second, plants with lower TFP levels did not exit from the tradable industry. Through the rejection of these two hypotheses, it is possible to infer indirectly the effect of trade liberalization on firm productivity rates in Korea since the 1990s. First, this analysis reveals that since the 1990s, the TFP of the tradable sector compared to the non-tradable sector presented a statistically meaningful increase only in the 2000s, when China joined the WTO and trade increased sharply between Korea and China. Secondly, TFP growth in the tradable sector was positively affected by exits, as it was plants with lower TFP levels that ceased to exist.

Communication and delegation are two important and parts of the leadership function. However, it is still a matter of debate whether leaders can delegate responsibility for communication, especially policy information, to those under their authority. Various opinions state that there is no prohibition for leaders to delegate their responsibilities because this is the leader's prerogative. This study aims to identify whether leadership should or should not delegate communication. The method used in this study was Systematic Literature Review (SLR). The SLR method is used to identify, review, evaluate, and interpret all available research by topic area phenomenon of interest, with specific relevant research questions. The results showed that leaders can delegate communication but it is highly dependent on the type, style, and approach of leadership on the table at that time. Such a leadership style or approach will automatically influence the style and approach of communication and delegation.

This research, which was conducted in 2019, aims to determine the consumer preferences of the Persebaya imitation T-shirt jersey in Jombang district. The method used in this research is a descriptive exploratory method with a quantitative approach. The population in this study were unknown Persebaya imitation jersey consumers, so the sampling technique was determined by non probably sampling by taking 100 respondents. The data used are primary and processed using conjoint analysis. The results showed that from all respondents the combination of Persebaya soccer jersey products that became the consumer's preference was the jersey price

The stock market is continuously changing with uncertainties that can create risks. Prompt information dissemination and rapid capital flow will cause stock price fluctuations, causing volatility in stock prices. This research examines the behavior of volatility patterns in the infrastructure, utility, and transportation sectors using the Generalized Autoregressive Conditional Heteroskedasticity (GARCH) model. This study uses monthly data from January 2014 to December 2019. The results show that the volatility of all stocks in the study is influenced by the previous month's error and volatility return. Investors and securities analysis can use these results in making decisions to invest in the infrastructure, utilities, and transportation sectors.