Mostrando recursos 1 - 9 de 9

  1. Measuring the world economy

    Badinger, Harald
    This paper provides an empirical assessment of whether the world economy has become smaller in terms of economic distance over the last decades. We adopt a cross-sectional spatial econometric approach, relating domestic output volatility to (distance-weighted averages of) other countries' output volatility, using a sample of 135 countries and rolling 10-year time windows over the period 1955 to 2006. Using descriptive measures, test statistics, and spatial econometric estimates, we find that cross-country interdependence was virtually insignificant in the early post-war period but has increased strongly from the mid-1960s to the mid-1980s and remained at a high level since then. Results...

  2. Ecological Macroeconomics: An application to climate change

    Rezai, Armon; Taylor, Lance; Mechler, Reinhard
    Ecological Economics has not paid sufficient attention to the macroeconomic level both in terms of theory and modeling. Yet, key topics debated in the field of Ecological Economics such as sustainable consumption, reduction in working time, the degrowth debate, the energy-exergy link, and the rebound effect require a holistic and macro perspective. While this deficiency has been identified before and Keynesian economics has been generally suggested as a potent vehicle to establish economic system's thinking, very little concrete theorizing and practical suggestions have been put forward. We give further credence to this suggestion and demonstrate the value of tackling key...

  3. The Impact of Regulation and Competition on the Adoption of Fiber-based Broadband Services: Recent Evidence from the European Member States

    Briglauer, Wolfgang
    Fibre deployment of next-generation high-speed broadband networks is considered to be a decisive development for any information-based society, yet investment activities and especially the adoption of fibre-based broadband services take place only very gradually in most countries. This work identifies the most important determinants of the adoption of fibre-based broadband services, using the most recent panel data from the European Union member states (EU27) for the years from 2004 to 2012. The results show that the stricter previous broadband access regulation has a negative impact on adoption, while competitive pressure from mobile networks affects adoption in a non-linear manner. It appears that the approach of strict cost-based access...

  4. Ancillarity-Sufficiency Interweaving Strategy (ASIS) for Boosting MCMC Estimation of Stochastic Volatility Models

    Kastner, Gregor; Frühwirth-Schnatter, Sylvia
    Bayesian inference for stochastic volatility models using MCMC methods highly depends on actual parameter values in terms of sampling efficiency. While draws from the posterior utilizing the standard centered parameterization break down when the volatility of volatility parameter in the latent state equation is small, non-centered versions of the model show deficiencies for highly persistent latent variable series. The novel approach of ancillarity-sufficiency interweaving has recently been shown to aid in overcoming these issues for a broad class of multilevel models. In this paper, we demonstrate how such an interweaving strategy can be applied to stochastic volatility models in order to greatly improve sampling efficiency for all parameters...

  5. Contagion Effects and Collateralized Credit Value Adjustments for Credit Default Swaps

    Frey, Rüdiger; Rösler, Lars
    The paper is concerned with counterparty credit risk management for credit default swaps in the presence of default contagion. In particular, we study the impact of default contagion on credit value adjustments such as the BCCVA (Bilateral Collateralized Credit Value Adjustment) of Brigo et al. 2012 and on the performance of various collateralization strategies. We use the incomplete-information model of Frey and Schmidt (2012) as vehicle for our analysis. We find that taking contagion effects into account is important for the effectiveness of the strategy and we derive refined collateralization strategies to account for contagion effects. (authors' abstract)

  6. Paid and unpaid labor in nonprofit-organizations. Does the subsitutions effect exist?

    Bittschi, Benjamin; Pennerstorfer, Astrid; Schneider, Ulrike
    In nonprofit organizations (NPOs) volunteers often work alongside paid workers. Such a coproduction setting can lead to tension between the two worker groups. This paper examines for the first time if and how volunteers influence the separation of paid employees, and thus it contributes to the debate over whether volunteers can substitute paid workers. Using Austrian data on an organizational level we find a significant impact of volunteers on the separations of paid workers in NPOs facing increased competition. These findings support the assumption that a partial substitution effect exists between paid workers and volunteers. (authors' abstract)

  7. International Comparisons of Household Saving Rates and Hidden Income

    Walther, Herbert; Stiassny, Alfred
    In this paper, we argue that shadow activities and different levels of marketization of household production systematically distort international comparisons of aggregate gross household saving rates (HSRs): Higher shares of hidden income increase observed HSRs. Panel data for 18 (24) OECD-countries covering a period of a decade show that gross HSRs are positively related to the degree of corruption(used as a proxy for the propensity to shift economic activities into the shadow) and to the share of income from property and self employment. At the same time, gross HSRs are negatively related to the female employment rate, the ratio of indirect...

  8. The Impact of Regulation and Competition on the Adoption of Fiber-based Broadband Services: Recent Evidence from the European Member States

    Briglauer, Wolfgang
    Although fibre-deployment of next generation access (NGA) broadband networks is considered as a decisive development for any information-based society, investment activities and especially the adoption of fiber-based broadband services take place only very gradually in most countries. This work identifies the most important determinants of NGA broadband adoption, using most recent panel data from the European Union member states (EU27) for the years from 2004 to 2012. The results show that stricter previous broadband access regulation has a negative impact on NGA adoption, while competitive pressure from mobile networks affects NGA adoption in a non-linear manner. It appears that the approach of strict cost-based access regulation embedded...

  9. Resource-Based and Institutional Perspectives on Export Channel Selection and Export Performance

    He, Xinming; Brouthers, Keith D.; Filatotchev, Igor
    Exporting is a critically important strategy for firms to grow, yet research in this area has tended to ignore how firms can leverage resource-based capabilities to improve export performance. Building on the resource-based view and institutional theory, the authors develop a novel perspective to explain how a firm can improve export performance by aligning its export channel with its level of market orientation capabilities, contingent on the institutional distance between home and export markets. Using a unique database of Chinese exporters, the authors find that exporters with strong market orientation capabilities prefer hierarchical export channels, while those with weak market...

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