Search results for "ECs"
showing 10 items of 2721 documents
Il mercato del credito dal locale al globale
2011
CRIME AND PUNISHMENT: ADAM SMITH’S THEORY OF SENTIMENTAL LAW AND ECONOMICS
2020
For Adam Smith, a crime is not the result of a rational calculation of loss and gain but the consequence of envy and a vain desire to parade wealth to attract the approbation of others, combined with a natural systematic bias in overestimating the probability of success. Similarly, Smith does not conceive of legal sanctions as a rational deterrent but as deriving from the feeling of resentment. While the prevailing approach of the eighteenth century is a rational explanation of crime and a utilitarian use of punishment, Adam Smith instead builds his theory of criminal behavior and legal prosecution consistently on the sentiments. A well-functioning legal system is thus an unintended consequ…
The Real Effect of Financial Crises in the European Transition Economies
2010
Working Paper GATE 2009-20; International audience; The aim of this work is to assess the impact of financial crises on output for 11 European transition economies (CEECs). The results suggest that financial crises have a significant and permanent effect, lowering long-term output by about 17 percent. The effect is more important in smaller countries, with relative higher dependence on external financing, and in which the banking sector noticed more important financial disequilibria. We also found that fiscal policy measures have been the most efficient tools in dealing with the crises, while the role of monetary policy instruments has been rather blinded. Exchange rate resulted to be more …
Crisi finanziaria, intervento pubblico e marginalità
2012
L’economia dei flussi di cassa è il Leitmotiv di questi anni, e il denaro condiziona i comportamenti individuali e collettivi. Economie tradizionalmente solide entrano in crisi se non riscuotono la fiducia dei mercati, e le famiglie, come le imprese, difficilmente riescono a programmare il proprio futuro senza le risorse finanziarie occorrenti per le proprie attività. Nel complesso periodo che stiamo vivendo, è opinione diffusa che l’uscita dalla crisi economica derivi da cambiamenti epocali nell’organizzazione dei sistemi produttivi e finanziari nonché negli stili di vita, rivisitando il significato stesso di sviluppo economico. In tale contesto la marginalità finanziaria, intesa come vant…
How Do Institutions Affect Structural Unemployment in Times of Crises?
2012
This paper examines the effect of economic crises on structural unemployment using an Autoregressive Distributed Lags model and accounting for the role of institutional settings on an unbalanced panel of 30 OECD economies from 1960 to 2006. We found that downturns have, on average, a significant positive impact on the level of structural unemployment rate. The maximum impact varies with the severity of the downturn. Institutions (such as employment protection legislation, average replacement ratio and product market regulation) influence both the extent of the initial shock and the adjustment pattern in the aftermath of an economic downturn.
GDP Density Disparities in Old Europe: Theil Decomposition in Cross-Country Historical Perspective
2011
The political, social and economic aspects of Old Europe have experienced profound changes over the last century. The levels and variations of GDP provide a good, though partial, representation of these changes with specific reference to the economic development. According to historical data, GDP shows strong increases in Europe; among these countries also Italy. But, what can we say about the cross-country income inequality? In this paper, we analyze cross-country disparities of GDP density from 1870 to 2008 in fourteen western European countries. In particular, we use a Duro-Esteban decomposition of the Theil index to identify the separate contribution of GDP per capita and population den…
Regression imputation for Space-Time datasets with missing values
2009
Data consisting in repeated observations on a series of fixed units are very common in different context like biological, environmental and social sciences, and different terminology is often used to indicate this kind of data: panel data, longitudinal data, time series-cross section data (TSCS), spatio-temporal data. Missing information are inevitable in longitudinal studies, and can produce biased estimates and loss of powers. The aim of this paper is to propose a new regression (single) imputation method that, considering the particular structure and characteristics of the data set, creates a “complete” data set that can be analyzed by any researcher on different occasions and using diff…
A bibliometric review of cryptocurrencies as a financial asset
2021
Within a decade, cryptocurrencies have captured significant attention. After Bitcoin's emergence in 2008, new cryptocurrencies started to enter the financial market. We use bibliometric analysis to...
Complexity traits and synchrony of cryptocurrencies price dynamics
2021
AbstractIn this study, we characterized the dynamics and analyzed the degree of synchronization of the time series of daily closing prices and volumes in US$ of three cryptocurrencies, Bitcoin, Ethereum, and Litecoin, over the period September 1,2015–March 31, 2020. Time series were first mapped into a complex network by the horizontal visibility algorithm in order to revel the structure of their temporal characters and dynamics. Then, the synchrony of the time series was investigated to determine the possibility that the cryptocurrencies under study co-bubble simultaneously. Findings reveal similar complex structures for the three virtual currencies in terms of number and internal composit…
Multidimensional scaling and stock location assignment in a warehouse: an application
1999
By means of an application, in the present paper, the suitability of a multivariate statistical methodology, as multidimensional scaling (MDS), to solve an optimization problem is shown. In particular, considering the stock location assignment problem in the warehouse of a supermarket chain, the solution gained by applying MDS to a set of seven variables is compared with the one obtainable by considering the usual techniques applied in this context. A wide discussion of results is reported.