Search results for "Balance"
showing 10 items of 1379 documents
Is external debt sustainable? A probabilistic approach
2020
Abstract We develop a probabilistic approach to measure a country's external debt sustainability. Using data on international investment position and balance of payments from the International Monetary Fund, we estimate a vector autoregressive model for 38 countries (11 developed and 27 developing). Using the estimated parameters, we perform a Monte Carlo simulation to compute the distribution of the capacity to repay for each country. A large portion of the projected distribution to the right of current debt is a warning indicator, signalling the need for devaluation. We provide simulations for each country. One scenario is where the discount factor is lower than 1. According to the litera…
Balance sheet versus earnings conservatism in Europe
2004
In this study we extend prior research on the international analysis of accounting conservatism (Joos and Lang, 1994; Ball et al., 2000; Giner and Rees, 2001), by examining the level of accounting conservatism across eight European countries (United Kingdom, Germany, France, Switzerland, the Netherlands, Italy, Spain and Belgium), and assessing the statistical significance of the differences among them. The definitions of conservatism that we use are, on the one hand, the Feltham and Ohlson (1995) definition, which implies a persistent understatement of book value of shareholders' equity (balance sheet conservatism). On the other hand, we use the one proposed by Basu (1997), that is, a time…
El modelo de la Economía del Bien Común. Un estudio empírico sobre su aplicación a la empresa privada
2019
La Economía del Bien Común es un modelo económico que nace en el 2010 en Austria de la mano del profesor de economía y activista Christian Felber con el fin de medir la contribución al bien común por parte de la economía y las organizaciones. Después de 10 años de implantación en un número amplio de empresas, en el presente trabajo se realiza un estudio empírico sobre el perfil de las empresas que lo han implantado y sobre el éxito de su implantación en España y su comparación con otros países europeos. Para ello se realiza un trabajo de campo consistente en el envío de un cuestionario y posterior explotación a una muestra de empresas que han implementado el Balance del Bien Común durante e…
Lo sviluppo sostenibile della pesca nella marineria di Mazara del Vallo
2011
In a place like Sicily, where sea fishing and port activities are part of the territory, history and culture, fishery has always been vital to man and, for this reason, today it must be studied, protected and helped in the difficult transition towards long-term sustainability. Fishing is a driving sector for Mazara economy both for number of working days during the fishing season, and for industrial activities operating around this field (transformation, packaging, and distribution). A micro-economic analysis was carried on a sample of fishing enterprises in order to analyze the problems of the here studied seamanship. The analysis is based on the employers’ interviews. The collected data h…
Trade Costs, Trade Balances, and Current Accounts: an application of Gravity to Multilateral Trade
2005
In this paper we test the well-known hypothesis of Obstfeld and Rogoff (NBER Macroeconomics Annual 7777:339–390, 2000) that trade costs are the key to explaining the so-called Feldstein–Horioka puzzle. Our approach has a number of novel features. First, we focus on the interrelationship between trade costs, the trade account and the Feldstein–Horioka puzzle. Second, we use the gravity model to estimate the effect of trade costs on bilateral trade and, third, we show how bilateral trade can be used to draw inferences about desired trade balances and desired intertemporal trade. Our econometric results provide strong support for the Obstfeld and Rogoff hypothesis and we are also able to recon…
Competitiveness and interregional as well as international trade: The case of Catalonia
2010
Recent years have seen a surge of interest among industrial organization economists in using data on international trade flows as windows into competitiveness. For countries that are at least mid sized (e g., Spain), interregional trade tends to be as large as or significantly larger than international trade. The case of Catalonia, a Spanish region, illustrates how ignoring interregional flows can lead to erroneous inferences about a region's external competitiveness. Accounting for Catalonia's interregional as well as international flows shifts what is generally assessed to be a chronic trade deficit in goods into a surplus and changes diagnoses of which Catalan sectors generate external s…
Automatic Balance Mechanisms in Pay-As-You-Go Pension Systems
2009
This paper shows the usefulness of the automatic balance mechanisms (ABMs) and explores the issue of introducing an ABM into the Spanish public contributory retirement pension system. We define the concept of the automatic balance mechanism and carry out an analysis of those existing in Sweden, Canada, Germany, Japan and Finland. We also present an indicator of the Spanish system's solvency which emerges from the actuarial balance sheet, and simulate the effect that certain changes in the parameters of the present system would have on solvency, showing the direction that could be taken if the mechanism were to be introduced in Spain. The main conclusion reached is that, given the system's s…
"Compiling the Actuarial Balance for Pay-As-You-Go Pension Systems. Is it better to use the Hidden Asset or the Contribution Asset?"
2013
The aim of this paper is twofold: to establish the connection between the "contribution asset" (CA) and the "hidden asset" (HA) and to determine whether using either of them to compile the actuarial balance sheet in the pay-as-you-go (PAYG) pension system will provide a reliable solvency indicator. With these aims in mind, we develop a model based on those first put forward by Settergren and Mikula (2005) and Boado-Penas et al. (2008) to obtain the analytical properties of the CA and to confirm its soundness as a measure of the assets of a PAYG scheme. Our model also enables us to explore whether, and to what extent, the HA can be considered a second alternative measure of the assets for PA…
Labor and product market reforms and external Imbalances: Evidence from advanced economies
2021
We explore the impact of major labor and product market reforms on current account dynamics using a new “narrative” database of major changes in employment protection for regular workers and product market regulation for non-manufacturing industries covering 26 advanced economies over the past four decades. Our main finding is that product market deregulation is associated with a weakening of the current account, while labor market deregulation is associated with an improvement. These effects are transitory and driven by both saving and investment responses. Labor and product market reforms both have a more positive impact on the current account balance when implemented under weak macroecon…
La Economía del Bien Común en el ámbito local
2017
Este trabajo presenta la Economía del Bien Común en el ámbito municipal. Para ello se describe qué es un Municipio del Bien Común y las cinco estrategias propuestas para alcanzarlo: creación de asambleas democráticas, aplicación del Balance del Bien Común Municipal, promoción de la Economía del Bien Común en las organizaciones, creación del Índice del Bien Común Municipal y participación en la creación de una Región del Bien Común. El modelo tiene una vocación de transformación real de todo el sistema económico, fundamentando su construcción en la democracia y a partir de una red desde el ámbito local. La Economía del Bien Común trata de crear los incentivos para que la actividad económica …