Search results for "Discount points"
showing 10 items of 48 documents
Does the Spatial Weight Configuration Matter in the Determination of the Effects of Environmental Externalities on Housing Prices?
2012
This paper highlights, from both a theoretical and an empirical point of view, how the choice of neighborhood and spatial weight affects the direct and indirect effects of environmental housing attributes on house price in environmental hedonic models.An original empirical investigation is herein undertaken for the area of the lower Loire estuary (France), in order to illustrate and complement our theoretical analysis. The first thing it shows is that as the radius of the neighborhood increases, the spatial specification changes from the Spatial Durbin to the SLAG model, which could modify the MWTP of the environmental attribute and therefore affect welfare analysis. It shows also that the …
Navigating the Transition from Higher Education to the Labour Market: A Wake-Up Call for University Students
2015
Abstract Many studies describing the transition from school to work focus on national patterns of labour market entry and in so doing, they often simplify the complex transition processes and job finding requirements involved. Our paper sets out to look at some transition obstacles and paths from higher education to the labour market from the graduates’ point of view as expressed during a recent event held at LBUS. We hold that in Romania the first job upon education is hampered by graduates across all disciplines having no or little work-based experience, thus marking national transition patterns/pathways as less compatible with those in other European countries.
Effects of Raising Minimum Wage: Theory, Evidence and Future Challenges
2013
Abstract Minimum wage is one of the most studied topics in economics. This paper examines some of the most important issues related to the effects of raising minimum wage, based on new contributions in theoretical and empirical research, roughly since 2008. Our purpose was to find in the literature an explanation for the recent raise of minimum wage, in some European Union countries and United States and to identify possible effects of this evolution. Most of the studies point little or no employment response to modest increases in the minimum wage, but we argue there are some other effects to consider.
The relationship between debt level and fiscal sustainability in organization for economic cooperation and development countries
2014
In this article we unify the traditional approaches to testing for fiscal sustainability considering the stock-flow system that fiscal variables configure. Our approach encompasses previous ways of testing for sustainability. The results obtained for a group of 17 Organization for Economic Cooperation and Development (OECD) countries point to weak fiscal sustainability, as well as to the existence of cointegration between deficit and debt, confirming the relevance of the stock-flow approach. Allowing for structural breaks and multicointegration turns out to be of critical importance to assess whether the fiscal authorities apply their policies looking for sustainability and whether, simulta…
Balance of payments crises and fiscal adjustment measures
1991
A model with optimizing firms and consumers is used to explore the effects of unannounced and preannounced fiscal adjustment policies that are intended to prevent an impending balance of payments crisis. It is shown that preannouncement unambiguously raises the required fiscal adjustment effort so that, from the government's point of view, “cold turkey” is the preferable policy. The effect of preannouncement on the private sector's adjustment cost is ambiguous since preannouncement induces an externality which may either benefit or harm the private sector, depending on the nature of the measure that is preannounced.
Fiscal Devaluations in EMU
2013
2013SummaryWe use a small open economy general equilibrium model to analyse the effects of a fiscal devalua-tion in an EMU country. The model has been calibrated for the Spanish economy, which is a goodexample of the advantages of a change in the tax mix given that its tax system shows a positive biasin the ratio of social security contributions over consumption taxes. The preliminary empirical evi-dence for European countries shows that this bias was negatively correlated with the current accountbalance in the expansionary years leading up to the 2009 crisis, a period when many EMU membersaccumulated large external imbalances. Our simulation results point to significant positive effects of…
Trade Openness and Income: A Tale of Two Regions
2015
In this article we present evidence of the long-run effect of trade openness on income per worker for two regions that have followed different liberalization strategies, namely Asia and Latin America. A model that re-examines these questions is estimated for two panels of Asian and Latin American countries over the 1980-2008 period using a novel empirical approach that accounts for endogeneity as well as for the time series properties of the variables involved. From an econometric point of view, we apply recent panel cointegration techniques based on factor models that account for two additional elements usually neglected in previous empirical literature: cross-dependence and structural bre…
Introduction: conceptualizing EU policy on labour migration
2015
This introduction sets the scene for the articles in this themed section. The starting point is the relatively recent but important developments that have occurred in the area of EU labour migratio...
When buyers also sell: The implications of pricing policies for customer satisfaction
2002
In certain purchase situations, such as when a new car is purchased and an old vehicle is traded in, individuals simultaneously play the role of buyers and sellers. It is interesting to observe that, when evaluating the purchase and selling prices of the new and old products respectively, such consumers often fail to behave rationally. For example, a discount on the price of the new commodity and an equivalent markup on the old product will be weighted differently. This empirical phenomenon can be analyzed with the aid of the prospect theory - an approach based on the descriptive decision theory. This theory facilitates the elaboration of decision-making rules for determining the optimum pu…
Market risk reporting in banking overcoming the limits of IAS/IFRS and Basel regulation
2017
Market risk in banking activity is becoming a more severe issue day by day for several reasons. Analysing it from a regulatory point of view is fundamental for assessing whether or not banks are in the conditions of disclosing a satisfactory degree of information about their market risk exposure. The two regulatory constraints to consider are International Accounting Standards (IAS/IFRS) and the Basel regulation. Both of them seem to put too many constraints on banks. They turn out to be over-over-regulated. Even if regulators put many efforts in trying to provide a useful regulation for banks' risk reporting and capital adequacy, we are still far from a good regulation. The regulatory proc…