Search results for " economic growth"
showing 10 items of 302 documents
Is fiscal fatigue a threat to consolidation programmes?
2015
Building on a narrative approach to identify episodes of fiscal consolidation, data for a group of 17 industrial countries over the period 1978-2009 and continuous-time duration models, we find evidence suggesting that the likelihood of a fiscal consolidation ending increases over time, but only for programs that last less than six years. Additionally, fiscal consolidations tend to last longer in non-European than in European countries. Our results emphasize that chronic fiscal imbalances might lead to a vicious austerity cycle, while discipline in the behaviour of fiscal authorities is a means of achieving credible and shorter adjustment measures. Therefore, fiscal fatigue is likely to com…
A Shift Towards Academic Capitalism in Finland
2013
Academic capitalism is currently a widely studied topic amongst higher education scholars, especially in the United States. This paper demonstrates that the theory of academic capitalism also provides a fruitful perspective for analysing the restructuring of Finnish higher education since the 1990s, although with reservations. It will be argued that many reforms in Finnish universities since the 1990s, and especially in the early 2000s, have integrated Finnish universities more tightly with the new knowledge-based economy. As some recent empirical studies indicate, activities and practices related to academic capitalism remain, however, unevenly distributed among different disciplines, and …
Innovation in the Rural Areas and the Linkage with the Quintuple Helix Model
2016
Abstract In this paper we analyze some specific conditions for local development. Our interest is oriented towards a multidimensional aspect of peripheral and rural areas. The rural areas considered as a productive system reflects a strong relationship between the agriculture and the other economic activities, In addition eco-systems must be protected and enhanced to develop innovation models that propose new roles and responsibilities for a new development vision. Following the implementation of the Smart Specialization Strategy and the Quintuple Helix Model this paper underlines the importance of connecting the innovation process with rural territories. We have considered some environment…
ICT-driven disruptive innovation nurtures un-captured GDP : Harnessing women's potential as untapped resources
2017
The harnessing of untapped resources has become essential for inclusive growth in digital economies particularly as developed economies continue to age demographically. The harnessing of women's potential is an urgent subject in this context, and successive initiatives have been flourishing in many countries. However, given the institutional complexity of the issue, as well as considerable variety across nations, uniformed non-systematic approaches are hardly satisfactory in achieving a timely solution. Against this back drop, this paper analyzed a new information communication technology (ICT)-driven disruptive innovation that may nurture un-captured GDP by harnessing untapped resources su…
Working under pressure: economic recession and third sector development in Europe
2016
Purpose – The context conditions for third sector organizations (TSOs) in Europe have significantly changed as a result of the global economic crisis, including decreasing levels of public funding and changing modes of relations with the state. The effect of economic recession, however, varies across Europe. The purpose of this paper is to understand why this is the case. It analyses the impact of economic recession and related policy changes on third sector development in Europe. The economic effects on TSOs are thereby placed into a broader context of changing third sector policies and welfare state restructuring. Design/methodology/approach – The paper focusses on two research questions…
Spillovers from the oil sector to the housing market cycle
2017
We assess the spillovers from the oil sector to the housing market cycle using quarterly data for 20 net oil-exporting and -importing industrial countries, and employing continuous- and discrete-time duration models. We do not uncover a statistically significant difference in the average duration of booms and normal times in the housing markets of those net oil-importers and net oil-exporters. Similarly, the degree of exposure to commodity price fluctuations does not seem to significantly affect the housing market cycle. However, we find that housing booms are shorter when oil prices increase than housing busts when oil prices decrease. We also show that the net oil-importers are more vulne…
The Effect of Nominal Exchange Rate Volatility on Real Macroeconomic Performance in the CEE Countries
2011
Working Paper Gate 09-34; International audience; This paper analyzes the relation between nominal exchange rate volatility and several macroeconomic variables, namely real per output growth, excess credit, foreign direct investment (FDI) and the current account balance, in the Central and Eastern European EU Member States. Using panel estimations for the period between 1995 and 2008, we find that lower exchange rate volatility is associated with higher growth, higher stocks of FDI, higher current account deficits, and higher excess credit. The results are economically and statistically significant, and robust.
The influence of agriculture on the structural economic vulnerability of small island spaces: Assessment using DEA based composite indicators
2020
Small island spaces are confronted with significant disadvantages that ultimately result in strong economic vulnerability. The conventional literature emphasizes the main role of agriculture in generating structural vulnerability. Specifically, the higher the weight of agriculture compared to other sectors is, the more structurally vulnerable an economy is. However, the recent food crises revealed that the economic dependence on agriculture is not a problem on its own, but the issue is rather the efficiency of this sector along with the orientation of domestic production towards diversification and food self-sufficiency. In this paper, we thus propose a new structural economic vulnerability…
FISCAL POLICY AND ASSET PRICES
2011
We assess the role played by fiscal policy in explaining the dynamics of asset markets. Using a panel of ten industrialized countries, we show that a positive fiscal shock has a negative impact in both stock and housing prices. However, while stock prices immediately adjust to the shock and the effect of fiscal policy is temporary, housing prices gradually and persistently fall. As a result, the attempts of fiscal policy to mitigate stock price developments may severely de-stabilize housing markets. The empirical findings also point to: (i) a contractionary effect of fiscal policy on output in line with the existence of crowding-out effects; (ii) a weakening of the effectiveness of fiscal p…
The effect of polytechnic reform on migration
2011
This paper examines the effect of the polytechnic reform on geographical mobility. A polytechnic, higher education reform took place in Finland in the 1990s. It gradually transformed former vocational colleges into polytechnics and also brought higher education to regions that did not have a university before. This expansion of higher education provides exogenous variation in the regional supply of higher education. The reform raised the mobility of high school graduates across local labour markets in the years after they had completed their secondary studies, which indicated increased mobility between high school and post-secondary education. We estimate that the reform enhanced the annual…