Search results for "Budget constraint"

showing 6 items of 16 documents

Global imbalances and the intertemporal external budget constraint: A multicointegration approach

2013

Abstract This paper analyzes the external solvency of a group of 23 OECD countries for the period 1970–2012. The empirical strategy adopted underlines the increasing importance of the financial channel for the external adjustment as proposed in Gourinchas and Rey (2007) . We unify the traditional approaches to testing for external sustainability considering the stock-flow system created by the variables representing the external relationships of an open economy. External sustainability is tested using several types of cointegration and multicointegration tests. The results obtained point to weak sustainability in the flows analysis, whereas some degree of strong sustainability is found for …

MacroeconomicsEconomics and EconometricsSolvencyCointegrationF36F37Net foreign assetsRestricted accessGlobal imbalancesOecd countriesInternational economicsCurrent accountMulticointegrationSustainabilityEconomicsStructural breaksF32Open economyFinanceBudget constraintC22

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Scritti in onore di Pellegrino Capaldo

2014

La qualità dei servizi è stata riconosciuta come un rilevante aspetto caratterizzante la performance dell’azienda pubblica, analogamente alla capacità di operare secondo criteri di efficienza e nel rispetto dei vincoli di bilancio. Sebbene sia possibile riscontrare alcuni significativi casi di adozione di politiche di customer satisfaction nelle amministrazioni pubbliche italiane, a tutt’oggi il tema presenta significative criticità, specialmente in ordine agli aspetti metodologici e agli strumenti operativi che consentano di integrare dette politiche nel sistema di programmazione e controllo delle aziende che erogano tali servizi. Il presente lavoro adotta una diversa prospettiva di analis…

Settore SECS-P/07 - Economia AziendaleQuality in delivering public services has been recognised as a major issue challenging performance in the public sector as well as the ability to operate effectively and within budget constraints. Empirical findings shown by the literature demonstrate that concrete efforts have been produced towards the evaluation and improvement of satisfaction levels of citizens and other Public Administration’s ‘customers’. However still today this issue portrays many unresolved criticalities particularly concerning the methodological approaches and operative tools to adopt in order to integrate ‘customer satisfaction’ programs with the wider organisational control system in each public administration. This paper adopts a non-conventional view of the ‘customer satisfaction’ concept. This is currently meant as a matter of social reporting or even statistical analysis based on the users’ perceptions on the level of provided services by a given (front office) unit in the public sector. Here an inter-institutional perspective is adopted with a view to map the overall value chain leading to the final product delivered to citizens or the community. Inside this chain tracking the underlying administrative products delivered by back-office units to their ‘internal clients’ in the public administration is recommended as a fundamental step to understand how to improve performance in satisfying citizens’ needs. This should also require a proper link between the administrative units’ goals and performance measures to the desired efficiency and effectiveness of processes leading to the attainment of administrative products providing the basis of the final services delivered to the private sector. Based on first empirical findings from field analysis in the Italian context the paper aims to outline an approach which could assist both politicians and managers to better assess and improve performance according to a customer satisfaction perspective.

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Liquidity-adjusted value-at-risk optimization of a multi-asset portfolio using a vine copula approach

2019

Abstract This paper develops a novel approach to assess liquidity-adjusted Value-at-Risk (LVaR) optimization of multi-asset portfolios based on vine copulas and LVaR models. This framework is applied to stock markets of the G-7 countries, gold, commodities and Bitcoin. The results show that our approach is superior to the classical mean–variance Markowitz portfolio technique in terms of the optimal portfolio selection under a number of realistic operational and budget constraints. We find that both Bitcoin and gold improves the risk-return performance of the G-7 stock portfolio. However, Bitcoin (gold) performs better under a scenario of only long-positions (when short-selling is allowed).

Statistics and ProbabilityCondensed Matter Physics01 natural sciences010305 fluids & plasmasMarket liquidityVine copulaStock portfolio0103 physical sciencesEconometricsEconomicsPortfolioPortfolio optimization010306 general physicsBudget constraintValue at riskStock (geology)Physica A: Statistical Mechanics and its Applications

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Scheduling independent stochastic tasks under deadline and budget constraints

2018

This article discusses scheduling strategies for the problem of maximizing the expected number of tasks that can be executed on a cloud platform within a given budget and under a deadline constraint. The execution times of tasks follow independent and identically distributed probability laws. The main questions are how many processors to enroll and whether and when to interrupt tasks that have been executing for some time. We provide complexity results and an asymptotically optimal strategy for the problem instance with discrete probability distributions and without deadline. We extend the latter strategy for the general case with continuous distributions and a deadline and we design an ef…

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Where Alonso meets Sierpinski: an urban economic model of a fractal metropolitan area

2004

International audience; La coexistence d'activités résidentielles et agricoles dans des ceintures périurbaines caractérise de nombreuses aires métropolitaines modernes. Malheureusement, peu de modèles théoriques de l'économie urbaine prennent en compte ce type de mixité spatiale. L'article contribue à combler cette lacune : les auteurs présentent un modèle de localisation résidentielle (standard en économie urbaine) opérant dans un espace structuré par la géométrie spatiale. Plus précisément, d'un côté, un tapis de Sierpinski est utilisé pour rendre compte de l'organisation hiérarchisée de sites urbains et ruraux dans une aire métropolitaine. D'un autre côté, un ménage maximise, sous contra…

[SDE] Environmental SciencesGeography Planning and Development0211 other engineering and technologies0507 social and economic geography02 engineering and technologyEnvironmental Science (miscellaneous)Environnement espace et société[SHS]Humanities and Social SciencesLOCALISATIONFractalfractal11. SustainabilityRegional scienceEconomicsBudget constraintAmenityWelfare economics05 social sciences021107 urban & regional planningMetropolitan areaUrban economicsSierpinski carpetConstant elasticity of substitution[SDE]Environmental SciencesEconomic modelurban economic model050703 geography

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External sustainability in Spanish economy: bubbles and crises, 1970–2020

2023

We address the issue of the sustainability Spain’s exter-nal debt, using data for the period 1970–2020. To detect episodes of potentially explosive behavior of the Spanish net foreign assets over GDP ratio and the current account balance over GDP ratio, as well as episodes of external adjustments over this long period, we employ a recursive unit root test approach. Our empirical analysis leads us to conclude that there is some evidence of bubbles in the ratio between Spanish net foreign assets and the GDP. In contrast, the evidence that the ratio between the Spanish current account balance and the GDP had explosive subperiods is very weak. The episode of explosive behavior identified in the…

external imbalancesrecursive unit root testGeography Planning and Developmentintertemporal external budget constraintHC Economic History and ConditionsUNESCO::CIENCIAS ECONÓMICASDevelopmentexplosivenesssustainability

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