Search results for " finance"
showing 10 items of 2924 documents
Inversión educativa y contracción del Estado del Bienestar : un análisis del contexto autonómico tras la crisis sistémica de 2008
2018
En España, el estallido de la crisis sistémica de 2008 y su prolongada duración han supuesto desafíos adicionales para el mantenimiento del Estado del Bienestar y, particularmente, para la educación, el Servicio Público Fundamental que más afectado se ha visto por la aplicación de políticas de contracción presupuestaria durante este período. El presente trabajo explora cómo se ha comportado la inversión educativa en las distintas regiones españolas a lo largo de los últimos años, y trata de conocer más acerca del papel que han jugado las distintas administraciones en la asignación de recursos a esta partida. Para ello, esta investigación ha conformado dos bloques de CC.AA. de acuerdo con la…
Croissance endogène et économie géographique
1998
International audience
Growing Like Germany: Local Public Debt, Local Banks, Low Private Investment
2021
The paper uses a panel of more than 1m German firms over 2010-2016, to provide the first firm-bank level evidence of local crowding out for a developed economy characterized by low interest rates and fiscal austerity. Our mechanism relies on two structural features of Germany's banking landscape: the local segmentation of credit markets for small and medium-sized firms (SME) and the role of local public banks in local public finance. Local public banks dominate lending to small and medium firms in Germany and also have an explicit mandate to lend to the local public sector. With spreads on local government debt at all-time lows, local public banks tried to break even, using their market pow…
The elasticity of a random variable as a tool for measuring and assessing risks
2022
Elasticity is a very popular concept in economics and physics, recently exported and reinterpreted in the statistical field, where it has given form to the so-called elasticity function. This function has proved to be a very useful tool for quantifying and evaluating risks, with applications in disciplines as varied as public health and financial risk management. In this study, we consider the elasticity function in random terms, defining its probability distribution, which allows us to measure for each stochastic process the probability of finding elastic or inelastic situations (i.e., with elasticities greater or less than 1). This new tool, together with new results on the most notable p…
The reliability of spanish and german electricity forward prices. Databases and price discovery process
2021
Given the existence of different databases from different sources that offer information on forward electricity prices, the need to compare them arises to guarantee that research results and trading decisions based on them are not sensitive to the database used. We worked with forward electricity prices traded over the counter, closest month to maturity, covering the period from 2010 to 2016 for the Spanish over the counter (OTC) market, and from 2008 to 2016 for the German OTC market. The goal of this paper was to test whether there were significant discrepancies between the price series provided by two of the main agencies of financial information (Thomson Reuters and Bloomberg), as well …
Unpopular policies and the theory of representative democracy
1993
Their platforms reflect concern with enhancing the probability of being elected, but some candidates often, or all candidates occasionally, voluntarily adept stances that reduce that probability. Governments care about their popularity, but sometimes they choose, even before an election, to announce or implement policies that are unpopular. For most people, the phenomenon is no news and is not altogether a unhappy one. Deprecating words such as demagogy or "mob rule" and praising ones such as leadership or statesmanship express a deeply-rooted, widelyshared concern about the possibility that democratic politicians could be too subservient to public opinion.(...)
Study Regarding the Effects of Demographic Transition on Labor Market and Public Pension System in Central and Eastern Europe
2020
Abstract Population and the quality of labor force are the “strengths” features’ that ensure socio-economic development of a country. The last decades can be characterized as a transitional period, in which countries of European Union and especially the countries of Central and Eastern Europe are facing a demographic decline. Reduced birth rate, ageing and migration are factors’ which create a lot of pressure, both on labor market and public pension systems, items correlated with the population structure. In this paper we have presented the demographic situation and the size of migration in five countries of Central and Eastern Europe. The direct linkage between population structure, labor …
Las agencias de calificación y la deuda pública en la Comunidad Valenciana
2020
Resumen El objetivo de esta investigación es analizar la influencia que han tenido los mayores niveles de endeudamiento público sobre los ratings emitidos por las agencias de calificación para la Comunidad Valenciana. La acumulación de déficits junto con el estallido de la burbuja inmobiliaria terminó por afectar de manera negativa a la contabilidad pública. Asimismo, los recursos transferidos a través del sistema de financiación tampoco ayudaron a revertir la insuficiencia de ingresos para la administración valenciana. Las restricciones presupuestarias fueron reflejadas de inmediato por las agencias de calificación a través de una reducción en sus ratings, generando dificultades para obten…
Etats de santé et systèmes de soins dans les pays en développement. La contribution des politiques de santé au développement durable
2004
The aim of this article consists in measuring in which way health policies in developing countries are contributing to sustainable development goals. Firstly, a return on the terminology and the abstract contents of the sustainable development allows us to identify it with the cumulative and circular process, according to which the economic growth generates human development. We put secondly in motto the crucial role of health in the maintenance of this virtuous circle, to appreciate the opportunity of health policies in the way they lead to reinforce links between economic growth and human development.
Le banquier central, du mutisme à la communication permanente : la tonalité du discours de la B.C.E. et son impact
2010
Nous proposons une études théorique et empirique de l'influence du discours de la BCE à travers l'analyse des éditoriaux des bulletins mensuels. Le résultat principal est que le discours n'a qu'une influence très relative sur les variables réelles et dès qu'on réintègre les taux, l'influence du discours disparaît. Le discours apparaît donc juste comme enregistrant la conjoncture et accompagnant l'évolution des taux. Le discours en tant que tel n'a pas de réel impact en dehors du fait qu'il est corrélé à la politique monétaire si bien que cela peu entraîner une confusion.