Recursos de colección

Repositorio da Universidade dos Açores (9.269 recursos)

O Repositório Institucional da Universidade dos Açores desenvolvido no âmbito do projecto RCAAP.

CEEAplA - Centro de Estudos de Economia Aplicada do Atlântico

Mostrando recursos 1 - 20 de 33

  1. Term and equity premium in economies with habit formation

    Budría, Santiago; Díaz, Antonia
    In this paper we investigate the size of the risk premium and the term premium in a representative agent exchange model economy where households preferences are subject to habit formation. As a novel feature, we develop theoretical measures for risk premium and term premium that can be used even when the consumption growth process is serially autocorrelated. We find that habit formation increases risk aversion significantly but increases much more the aversion to variations of consumption across dates. This induces a substantial increase in the precautionary demand of short term assets and a significant fall in the precautionary demand of...

  2. Schooling and the distribution of wages in the European private and public sectors

    Budría, Santiago
    International research has shown that schooling enhances within-groups wage dispersion. This assessment is typically based on private sector data and, up to date, the inequality implications of schooling have not been documented for the public sector. This paper uses recent data from eight European countries to explicitly take into account differences between the private and public sectors. Using quantile regression, the paper describes the effects of schooling on the location and shape of the conditional wage distribution in each sector. While the average impact of schooling on wages is similar across sectors, the impact of schooling on within-groups dispersion is...

  3. Teaching Keynes's principle of effective demand and chapter 19

    Andini, Corrado
    This paper extends a model proposed by Dalziel and Lavoie (2003) and discuss the main difference between Keynes and the neoclassical theory in the extended framework: the consequences of money-wage flexibility.

  4. Can over-education account for the positive association between education and within-groups wage inequality?

    Budría, Santiago
    International evidence shows that conditional wage dispersion increases as we move towards more educated individuals. This paper asks whether over-education accounts for this fact. The answer is a resounding 'no'.

  5. Economic inequality in Spain : the European Community household panel dataset

    Budría, Santiago; Díaz-Giménez, Javier
    This article uses data from the 1998 European Community Household Panel to study economic inequality in Spain. It reports data on the Spanish distributions of income, labor income, and capital income, and on related features of inequality, such as age, employment status, educational attainment, and marital status. It also reports data on the income mobility of Spanish households, and data on income inequality in other European countries and in the U.S. We find that income, earnings, and, very especially, capital income are very unequally distributed in Spain and that economic inequality in Spain is well above the European average.

  6. The Miranda Right to silence in criminal trial : an economic analysis

    Lang, Günther
    This paper analyzes the strategic implications for criminal trial of the existence of the famous Miranda Right to Silence in U.S. law doctrine. The right confers to the defendant the privilege that, in the context of a signalling game, i. e. the trial, no adverse conclusions may be drawn from his exercise of the right. It is shown that Miranda reduces wrongful confessions and convictions, at the price, however, of setting free guilty defendants as well. The rate of silence is affected only when confidence for the respect of the right is perfect; otherwise guilty defendants prefer to pool with...

  7. Education, over-education and wage inequality : evidence for Spain

    Budría, Santiago; Moro Egido, Ana
    In this paper we use the European Community Household Panel to explore the connection between education, over-education, and wage-inequality in Spain for the period 1994-2001. Our central approach is based on quantile regression. We find that higher education is associated with higher wage dispersion. This indicates that an educational expansion towards higher education is expected, criteris paribus, to increase overall wage inequality. We find that over-education contributes to enlarge wage differentials within university graduates, still, over-education itself can not account for the positive association between higher education and wage dispersion. Finally, we show that over the last wage distribution of...

  8. The right to remain silent in roman-type law doctrine : an economic perspective

    Lang, Günther
    This paper analyzes the strategic implications of the existence of the right to silence in criminal trial in the context of Roman law doctrine. The right confers to the defendant the privilege that, in the context of a signalling game, i. e. the trial, no adverse conclusions may be drawn from his exercise of the right. It is shown that respect for the right to silence does not have significant strategic consequences. In particular, no influence on conviction rates exists, neither rightful nor wrongful ones.

  9. Returns to schooling in a dynamic model

    Andini, Corrado
    The paper develops a dynamic approach to Mincer equations. It is shown that a static model is based on the restrictive hypotheses that the total return to schooling is constant over the working life and independent of bargaining issues. A dynamic approach allows to show that the total return to schooling of a new labor-market entrant positively depends on his/her bargaining power as employee; the total return increases at a decreasing rate in the first part of the working life and depends of bargaining issues; afterwards it becomes roughly constant and independent of bargaining. The main implication is that a...

  10. An exploration of asset returns in a production economy with relative habits

    Budría, Santiago
    This paper explores asset returns in a production economy with habit forming households. I show that a model with capital adjustment costs and relative habits is consistent with salient financial facts, such as the equity premium, the market price of risk, and the riskfree interest rate. These predictions are not at odds with good business cycle predictions. In the model economy investment is strongly procyclical and more volatile than output, which in turn is more volatile than consumption. Moreover, consumption growth is positively autocorrelated and negatively (positively) correlated with future (past) stock returns.

  11. The development of the Portuguese hotel Business, 1950-1995

    Câmara, Maria Benedita
    This paper looks at the expansion of tourism in Portugal in the general context of the southern European countries, and focuses on the development of the hotel business in Portugal between 1950 and 1995. Some writers hold that the entrepreneurial fabric in the package holiday and mass tourism business is fragmented, overly dependent on tour operators, and usually adverse to foreign investment. We propose to analyse foreign investment in the hotel business over this period. Tourism is also seen as a sector little favoured for investment by the State, even though it is noted that Portugal in the seventies was an...

  12. Determinants of length of stay : a parametric survival analysis

    Menezes, António Gomes de; Moniz, Ana Isabel Arruda
    Length of stay is one of the most important decisions made by tourists as it conditions their overall expenditure and stress caused on local resources. This paper estimates survival analysis models to learn the determinants of length of stay as survival analysis naturally lends itself to study the time elapsed between arrival and departure at a destination. It is found that individual sociodemographic profiles, such as nationality and gender, and attributes of actual trip experiences, such as repeat visitor behavior and overall satisfaction, are important determinants of length of stay. Thus, this paper’s regression results can be used to estimate...

  13. A História do Direito de Asilo no Direito Internacional

    Rodrigues, José Noronha
    Após os acontecimentos fatídicos ocorridos a 11 de Setembro de 2001, nos Estados Unidos, a 11 de Março de 2005, em Espanha e a 21 de Julho de 2005, em Londres, temos obrigatoriamente, que analisar o sistema internacional de protecção dos refugiados. Principalmente, porque, os estrangeiros em geral, independentemente, da nacionalidade passaram a ser vistos como alvos a abater. Estará então, em crise o sistema internacional de protecção dos refugiados? Julgamos que não. Desde que, não confundamos os refugiados, os requerentes de asilo, os deslocados, e os imigrantes em geral com os terroristas.

  14. The impact of IFRS in the financial information of the portuguese companies

    Couto, Gualter; Cordeiro, Ruben
    With the purpose of increasing the efficiency of the European finance market, the European Union forced the classified companies in the share market to publish, from January 1st, 2005 onwards, their consolidated financial statements with the support of the International Financial Reporting Standards (IFRS), emanated of International Accounting Standards Board (IASB). This study intends to measure the impact caused by IFRS application in the financial information of the Portuguese business companies, belonging to the Eurolist by Euronext Lisbon. The results demonstrated that the structure of the consolidated balance sheet and income statement suffered a relevant accounting conversion, conditioning the measure...

  15. Políticas de asilo e de direito de asilo na União Europeia

    Rodrigues, José Noronha
    A ideia de asilo pode-se dizer que é tão antiga como os primórdios da humanidade, talvez, por isso, existe uma panóplia de literatura e de legislação (Internacional e/ou Europeia) que, de forma directa e/ou indirecta, caracterizam, essa problemática. Todavia, somos da opinião de que “ (…) não existe, efectivamente, um verdadeiro Direito de Asilo na União Europeia, pelo menos, no sentido em que, tradicionalmente, ele é considerado, como um conjunto de normas jurídicas harmónicas e correlacionadas entre si. Existem, sim, várias políticas de asilo, díspares entre os diversos Estados-Membros (…)”

  16. Forecast of hotel overnights in the autonomous region of the Azores

    Santos, Carlos; Couto, Gualter; Pimentel, Pedro
    This paper concentrates on the application of various time series methods in order to forecast the monthly overnights in Azorean hotels. The aim is to find out the degree to which the forecast of overnights segmented by country of origin, presents smaller errors when compared with the forecast of the total overnights in the Region. The appropriate forecasting method by a tourist’s country of origin, is also analyzed so that potential optimal combinations of separate forecasts can be found in order to forecast the total overnights in Azores.

  17. Impacto dos Fundos Estruturais no PIB e no emprego : uma aplicação ao caso dos Açores

    Laranjeira, Ana; Fortuna, Mário; Silva, Francisco
    Desde a Segunda Guerra Mundial têm sido construídos modelos de planeamento regional para análise de problemas ambientais e sistemas de transporte. Os métodos Econométricos têm evoluído consideravelmente desde os seus primórdios nas décadas de 50 e de 60, altura em que eram dominados pelas ideias originárias da modelização econométrica nacional. A evolução da modelização regional tem sido bastante independente da modelização nacional, em grande parte devido às limitações de dados e às preocupações específicas da política económica regional. Foi propósito deste trabalho desenvolver um modelo susceptível de calcular o impacto dos fundos estruturais na economia açoriana, nomeadamente na geração do...

  18. Impacts of closure of a military base on a small island open economy

    Fortuna, Mário; Bayar, Ali; Sisik, Suat; Mohora, Cristina; Rege, Sameer
    Military bases are commonplace in many countries. Their economic impact on the neighbouring communities depends on their location and the level of integration of their activities on the local economies. Base closures or base activity reductions are also frequent as a consequence of military strategy alterations. The current paper seeks to analyse the economic impact of a US base located in the island of Terceira in the Azores. The base has been an important element of economic life in this island since the end of WWII. The changing geo-strategic map of the world has, along the second half of the...

  19. A computable general equilibrium modeling platform for the azorean economy : a simple approach with international trade

    Bayar, Ali; Fortuna, Mário; Sisik, Suat; Mohora, Cristina; Silva, Francisco
    Computable general equilibrium models have become commonplace instruments of economic policy analysis in many developed countries. These models have gained increased acceptance due to their capacity to address many policy questions in a simple way, using now commonly available databases on the structure of production in the form of input-output matrices, while retaining traditional economic assumptions for household, firm and government behaviour, among others such as trade. In this paper we lay –out the model for application to the Azorean economy. The model contemplates households, firms, government, and trade. It is calibrated using a SAM built from a 1998 I-O table with...

  20. Eficiência técnica dos hospitais portugueses 1997-2004 : uma análise (regional) com base num modelo de fronteira estocástica

    Menezes, António Gomes de; Rendeiro, Marco Forjaz; Vieira, José Cabral
    Este estudo estima um modelo de fronteira estocástica à la Battese e Coelli (1992, 1995) para explicar a função custo variável de um conjunto de 51 hospitais Portugueses para o período 1997-2004. Os resultados obtidos têm forte valor estatístico e interessante significado económico. Entre os diversos resultados inovadores do estudo, de referir que os hospitais SA/EPE e os hospitais com sistemas de gestão de qualidade certificada apresentam custos variáveis superiores aos demais. De referir, ainda, que variáveis de índole regional, como a população da cidade e a região onde se situa o hospital, explicam cerca de 60% da eficiência técnica hospitalar estimada. Estes...

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