Search results for " SHARE"
showing 10 items of 161 documents
The Analysis of the Relationship between the Level of the Public Expenditure for Investments and de Degree of Development of the Society in Romania
2013
Abstract Public expenditure for development have a decisive role in Romania in the economic recovery of the country, in a first step, but at the same time taking into account the EU's objectives. Romania during 2000-2010 had the largest public investment expenditures across European countries as a share of GDP, and in 2011 was ranked second after Poland. But while the share of GDP allocated to public investment in Romania is above the average of EU countries, in the economy these expenditures have been seen too little. Looking at Lisbon Index score, which tracks the performance of member countries to achieve the objectives of the current Lisbon strategy, one can notice that Romania is on th…
The Credit Cooperative System in Spain
2016
Like other European countries, Spain has a long tradition of cooperative banks. Although some credit unions existed previously, essentially they date from the early twentieth century, originating as institutions founded by medium and small-sized farmers to improve their access to banking services. However, they occupied a marginal position in the financial system until the legislative reforms of the 1970s. During the two last decades of the twentieth century, Spanish cooperative banks suffered a deep crisis, two changes in their organizational model and the shock of transformation and innovation in the financial system. Currently, the sector is made up of 65 small institutions with a relati…
The Aggregate and Distributional Effects of Financial Globalization: Evidence from Macro and Sectoral Data
2018
We take a fresh look at the aggregate and distributional effects of policies to liberalize international capital flowsâfinancial globalization. Both country- and industry-level results suggest that such policies have led on average to limited output gains while contributing to significant increases in inequalityâthat is, they pose an equityâefficiency trade-off. Behind this average lies considerable heterogeneity in effects depending on country characteristics. Liberalization increases output in countries with high financial depth and those that avoid financial crises, while distributional effects are more pronounced in countries with low financial depth and inclusion and where libera…
Financial Globalization, Fiscal Policies and the Distribution of Income
2020
This paper provides evidence that financial globalization—liberalization of the capital account—makes income distribution more uneven by raising the share of income that goes to the richest income deciles. We also offer evidence that changes in domestic fiscal policies in the aftermath of financial globalization are one channel through which these distributional effects could occur. Specifically, we show that episodes of capital account liberalization are followed by greater fiscal consolidation and reduced fiscal redistribution, both of which lead to increased inequality.
Stable sharing rules and participation in pools of essential patents
2019
Abstract For pools of essential patents I study whether a pool's sharing rule is stable against arbitrage, so that the pool's members have no incentive to trade patents. I show that the only stable rule is the numeric proportional rule, which gives each member a share of the pool's profit equal to its share of the pool's patents. I study how the stable rule affects firms' incentives to participate, and I show that firms with few patents tend to remain outside the pool. I look at the trade off between stability and participation, and I show that as trade dilutes their shares, members prefer the stable rule. I consider individual licenses, stand-alone patents, integration, and R&D. The result…
Producer Services and the Current Account
2022
Abstract In this paper, we present evidence that countries which experienced a larger expansion of services as a share of GDP in recent years exhibited lower current account balances. We argue that this relationship is compatible with the notion that producer services raise aggregate productivity by enhancing increasing returns to specialization, and we develop a model in which the deregulation of the services industry results in higher GDP growth, a reallocation of resources into the services industry, and a temporary current account deficit. We demonstrate that our theoretical argument is supported by the data, even if we control for a multitude of other factors that potentially affect th…
Wage leadership models: A country-by-country analysis of the EMU
2014
Abstract According to the theory of wage leadership, if there is free inter-sectoral labor mobility, changes in the level of the wage in the leading sector cause changes in the same direction in other sectors' wage. Moreover, since the traded sector (i.e. Industry) is affected by international competitive pressure, it should act as the leader, because this would be conducive to wage restraint. We apply a Vector Error Correction Model on four macro sectors (Industry, Services, Construction and the Public Sector) in ten EMU countries to test for wage leadership and wage adaptability. Our results show significant cross-country differences, with the Public Sector acting as the leader in Germany…
ON THE HETEROGENEOUS EMPLOYMENT EFFECTS OF OFFSHORING: IDENTIFYING PRODUCTIVITY AND DOWNSIZING CHANNELS
2014
I. INTRODUCTION For the most part of the last two decades Germany suffered from a hangover of the reunification boom, an overvalued exchange rate, high unemployment, and low growth--so The Economist famously named it the "Sick Man of Europe." At the same time, German companies were relocating production, restructuring, and offshoring. The general public associated such offshoring activities--not only in Germany--with plant closures which made the headlines and confirmed the perception that offshoring was a job killer.1 What usually does not make the news is that such downsizing effects of offshoring may be counterbalanced by productivity effects in the restructuring firm. Depending on their…
A review of multiple faults diagnosis methods in Voltage Source Inverters
2015
This paper examines, as in short review, the methods of diagnosis of simple and multiple faults on Voltage Source Inverter (VSI). The methods examined here are essentially based on the inspection of the load currents. Some of these diagnosis methods are characterized by low computational effort, other for a better reliability avoiding faultless positive tests. Some solutions are characterized by a share of these benefits while others prefer an enforcement of trustworthiness, in spite of the lower calculation amount. The analysis of the technical literature, certainly, offers a glimpse about the creation of new algorithms and significant advances for the future.
The Competiveness of the Spanish Regions
2009
Competitiveness is a widely popular concept, which has saved in practise, to denote efficient economic behaviour. The wide dissemination of the competitiveness ranking of countries published annually by the World Economic Forum of Davos (Switzerland), or the fact that the European Union defines some of the global problems, which affect the countries of the EU in terms of the competitiveness gap, have footered the use of this expression in the media. The use of the term to denominate some of the objectives of the European Regional policy has also contributed to extending the use of the expression, as well as the work of prestigious consultants, such as Michael Porter, in influential works, s…