This paper contrasts the investment behaviour of different financial institutions in debt securities as a response to price changes. For identification, the author uses unique security-level data from the German Microdatabase Securities Holdings Statistics. Banks and investment funds respond in a pro-cyclical manner to price changes. Insurance companies and pension funds act counter-cyclically, however; they buy after price declines and sell after price increases. The heterogeneous responses can be explained by differences in their balance sheet structure. Within-sector variation in the financial constraint is used to show that tighter constraints are associated with more pro-cyclical investment behaviour.
Collins, Matthew; Curtis, John
The Sustainable Energy Authority of Ireland (SEAI) operates the Better Energy Homes (BEH) grant scheme to incentivise residential energy efficient retrofits, an ongoing scheme which was implemented in 2009. This scheme provides a financial incentive for home owners to engage in energy efficient retrofits, provided the upgrades meet appropriate energy efficiency standards. This study analyses the BEH data, which is comprised of all applications from March 2009 to October 2015, in order to examine the extent to which applications are abandoned and the determinants thereof. We find that more complicated retrofits are more likely to be abandoned, with variation across...
Collins, Matthew; Curtis, John
This study examines energy efficiency retrofit depth in Ireland using data from a national residential grant scheme for energy efficiency upgrades. We specifically examine both the number of retrofit measures adopted per dwelling, and also the comprehensiveness of retrofits upgrades, which are retrofits in excess of the most common and simple retrofit combinations. We find that certain obligated parties, who are obliged by the State to reduce energy consumption in Ireland, vary both positively and negatively in terms of number of retrofit measures relative to private retrofits, but perform negatively with regard to comprehensive retrofits. All parties are found to...
Mosca, Irene; Wright, Robert E
A small but growing body of research suggests that retirement and cognitive decline are related. In fact,
some have argued that retirement causes cognitive decline. The aim of this paper is to add to this literature using data of older women from The Irish Longitudinal Study on Ageing (TILDA). Ordinary least square (OLS) regressions show a significant negative association between retirement duration - defined as time elapsed since last job ended - and cognition. This association is, however, very small when compared to the association of age or education with cognition. As retirement is potentially endogenous to cognition, instrumental variable (IV)...
Murphy, Gavin; Siedschlag, Iulia
Financing constraints have been identified as an additional source of firm heterogeneity that affects export participation and export performance. This paper examines whether and to what extent financing constraints affect firms’ exporting across different types of firms and industries. It uses comparable micro data from France, Germany, Italy and Spain and estimates the sensitivity of
firms’ extensive and intensive margins of exporting to financing constraints. The empirical results indicate that firms which were less constrained financially were more likely to export, while financing constraints did not affect the export intensity of existing exporters. It appears that financing constraints affect export...
Curtis, John; Breen, Benjamin
On-site survey data from coarse and game angling sites in Ireland is used to estimate count data models of recreational angling demand. To investigate the existence of preference heterogeneity across angler-types, three demand functions are estimated according to angler type;
coarse, game and a combination of both. Comparison of these demand functions indicates that the fishery characteristics which drive demand differ depending on angler-specific characteristics. For example treating all anglers as an homogeneous group led to results suggesting angling demand is higher where there is a greater provision of angling services (such as guide-hire and tackle shops). While this relationship...
Darmody, Merike; Smyth, Emer
Drawing on curriculum differentiation theory, this paper discusses exemptions from learning Irish granted to Irish post-primary students. In order to explore the profile of
students granted such exemptions, the study utilises data from a national longitudinal study, Growing Up in Ireland. Additional information is provided by administrative data collected by the Department of Education and Skills to show trends in the number of exemptions granted over time. The findings show that factors impacting on being exempt include gender, social class, having a special educational need at primary school and being born outside Ireland.
FitzGerald, John; Chi, Pho; Lam, Do; Ha, Hoang; Huong, Luong; Dung, Tran
This paper considers the factors determining the long-run behaviour of the Vietnamese economy. Using a macro-economic model of the Vietnamese economy it considers some of the factors that have contributed to growth over the last decade and also some of the policy options for the rest of the decade.
Darmody, Mike; Smyth, Emer
The purpose of this study is to investigate the influence of background and school factors on second-level students’ attitudes toward Irish as a school subject drawing on the Growing Up in Ireland study. The study focuses on the perceptions of the core subjects, English, Mathematics and Irish, and presents a profile of students who find the Irish language interesting or difficult. The study enables us to investigate the attitudes of teenagers towards the language in a systematic way, including personal, school and other characteristics that may have an impact on attitudes towards the Irish language.
Once holding a prominent position on the island, social, economic and political factors throughout the centuries have resulted in decline of the Irish language. The current
situation of the Irish language on the island differs markedly between the Republic of Ireland and Northern Ireland. While historically the Irish language was used also by the representatives of other religions, over time it became strongly associated with Catholic identity. This paper explores the attitudes towards the use of the Irish language of adult non- Catholic population in Northern Ireland. It explores the link between language and national and religious identities, and seeks...
Farrell, Niall; Devine, Mel T.; Soroudi, Alireza
Efficient renewables deployment requires the minimisation of both internal generation costs and external transmission expansion planning (TEP) costs. Competitive pay- as-bid
connection auctions allow wind energy generators to reveal their costs of generation such that internal generation costs may be minimised. TEP costs have not been incorporated into such auctions to date. Integrating these procedures may allow for a global minimisation of internal generation and external TEP costs over many time periods. This paper develops an auction mechanism and associated modelling framework to carry this out. The contributions of this framework are verified using a numerical example. Our results show...
Lunn, Peter D.; Somerville, Jason J.
We present evidence from two experiments designed to quantify the impact of cognitive constraints on consumers' ability to identify surpluses. Participants made repeated forced-choice decisions about whether products conferred surpluses, comparing one or two plainly perceptible attributes against displayed prices. Returns to attributes varied in linearity, scale and relative weight. Despite the apparent simplicity of this task, in which participants were incentivised and able to attend fully to all relevant information, surplus identification was surprisingly imprecise and subject to systematic bias. Performance was unaffected by monotonic non-linearities in returns, but
non-monotonic non-linearities reduced the likelihood of detecting a surplus. Regardless...
Curtis, John; Stanley, Brian
Using on-site survey data from sea, coarse and game angling sites in Ireland, this paper estimates count data models of recreational angling demand. The models are used to investigate the extent to which anglers are responsive to differences in water quality, with the water quality metric defined by the EU's Water Framework Directive. The analysis shows that angling demand is greater where water quality has a higher ecological status, particularly for anglers targeting game species. However, for coarse anglers we find the reverse, angling demand is greater in waters with lower ecological status. On average, across the different target
Finn, Mairead; Darmody, Mike
The internationalisation of higher education - a facet of broader processes of globalisation - has resulted in increased study-related travel, and the development of policies to attract international students. Nevertheless, in the context of a strong drive to recruit international students, little is known about how they are faring during their study abroad. This paper addresses the gap in research, analysing the experiences of international students studying in Irish Higher Education Institutions, drawing on nationally representative data from the Eurostudent IV study. The findings show that students’ satisfaction with study while abroad is shaped by a number of different factors...
Carbon taxes increase the cost of necessary household energy expenditures. In many developed countries, carbon taxes are regressive as they comprise a greater proportion of a poorer household’s income. Certain socioeconomic groups are more negatively affected by these impacts than
others. While inequality of incidence by income group has received great attention in the literature, a gap exists to quantify the inequality associated with socioeconomic characteristics. This information is policy-relevant as it may inform the most effective means to offset negative
welfare impacts through changes to taxes and/or social transfers. This paper provides this contribution. First, the inequality of carbon...
Devine, Mel T.; Lynch, Muireann A.
Liberalised electricity markets often include a capacity remuneration mechanism to allow generation firms recover their fixed costs. Various de-rating factors and/or penalties have been incorporated into such mechanisms in order to award the unit based on the contribution they make to system security, which in turn depends on the unit's reliability. However, this reliability is known to the firm but not to the regulator. We propose an adaptation of menu regulation to design capacity payments based on a declaration by the firm of their reliability. We scale payments and penalties according to this declared reliability such that the firm's profit-maximising...
Farrell, Niall; Devine, Mel T.
Renewable energy deployment costs comprise both internal generation costs and external location-related infrastructure, environmental and social costs. To minimise generation costs, competitive connection contract auctions are becoming increasingly common. Should external costs have considerable influence on site selection outside of the auction process, optimal bidding strategies may be affected by the resulting re-ranking of winning bids. This paper elicits the impact this may have on optimal bidding behaviour. Specifically, we address the impact internalisation of external costs may have on bidding strategy. With deterministic generation costs, optimal bidding strategies include a markup. The optimal markup is lower if external costs...
Callan, T.; Colgan, B.; Walsh, J.R.
The Programme for Government indicated that under a Universal Health Insurance system, the State would “pay insurance premia for people on low incomes and subsidise premia for people on middle incomes”. This paper examines issues in the design of such a subsidy scheme, in the context of overall premium costs as estimated by Wren et al. (2015) and the KPMG (2015) study for the Health
Insurance Authority. Subsidy design could involve a step-level system, similar to the medical card and GP visit card in the current system; or a smooth, tapered withdrawal of the subsidy, similar to what obtains for...
McGinnity, Frances; Darmody, Merike; Murray, Aisling
Educational achievement is a key indicator of labour market success and other post-school outcomes. This success is unequally distributed across different groups of children,
including those from immigrant backgrounds. The impact of parents’ and their children’s cultural capital on student grades and educational ambitions has been identified in both longitudinal and cross-sectional studies. This paper addresses a gap in research on Ireland by exploring the academic achievement of 9-year-old immigrant children from different national groups using data from the child cohort of the Growing Up in Ireland study. The Irish case is interesting as there was recent substantial immigration of...
Curtis, John; Lynch, Muireann A.; Zubiate, Laura
The North Atlantic Oscillation (NAO) is a large-scale circulation pattern driving climate variability in north-western Europe. In recent years there has been an increasing deployment of wind-powered generation technology, i.e. wind farms, on electricity networks across Europe. As this deployment increases it is important to understand how climate variability will affect both wind- powered and non-renewable power generation. This study extends the literature by assessing the impact of NAO, via wind-power generation, on carbon dioxide emissions from the wider electricity system. A Monte Carlo approach is used to model NAO phases, generate hourly wind speed time- series data, electricity demand...