Search results for "Econometric"
showing 10 items of 3780 documents
Young adults personal concerns during the COVID-19 pandemic in Finland: an issue for social concern
2020
PurposeThis study focuses on how young adults face the COVID-19 pandemic by investigating their personal concerns about mental well-being, career/studies and economic situation. The authors investigated how young adults' (aged 18–29) personal concerns differ from older people's concerns (aged 30–65) and which person- and context-related antecedents relate to personal concerns.Design/methodology/approachData of Finnish young adults aged 18–29 (n = 222), who participated in the “Corona Consumers” survey (N = 1,000) in April 2020, were analyzed by path analysis and compared to participants aged 30–65 by independent samples t-test.FindingsYoung adults were significantly more concerned about the…
Seasonality in Tourism: Do Senior Programs Mitigate It?
2021
Seasonality is a widely recognised and accredited phenomenon known to cause an imbalance in tourism activity throughout the year, prompting tourist destinations, both public and private, to consider how best to plan the use of their resources. One way of mitigating the economic imbalances that seasonality can cause is to find strategies for seasonal adjustment, such as travel programmes aimed at the elderly. This paper analyses the seasonality of tourism activity in some EU countries, and in particular in Spain. Different indicators are used to compare the results and carry out a sensitivity analysis. The study then focuses on tourism programmes for the elderly in Spain to see whether this …
Geographical Distribution of Unemployment: An Analysis of Provincial Differences in Italy
2007
Unemployment rates appear to vary widely at a subregional (e.g., local or provincial) level. Using spatial econometric models for spatial autocorrelation, this paper focuses attention on the spatial structure of regional unemployment disparities of Italian provinces. On the basis of findings from the economic literature and of the available socio-economic data, various model specifications including different explanatory variables are tested to investigate the geographical distribution of unemployment in the 103 provinces of Italy for the years 1998 and 2003. The results suggest that there is a clear explanation of unemployment differentials in terms of spatial equilibrium and disequilibriu…
The Local versus Global Dilemma of the Effects of Structural Funds
2011
This paper extends the analysis by Dall'erba and Le Gallo dealing with the impact of structural funds on the growth process of European regions. Like most of the other 18 contributions assessing the efficiency of structural funds, our article was based on a global model of b-convergence: one coefficient pertaining to the structural funds variable was estimated for the whole sample. In this paper, we extend this approach by performing local estimations, where one coefficient is estimated for each region, so that the impact of structural funds can be regionally differentiated. As in the previous contribution, the presence of spatial spillover effects is taken into account using spatial econom…
Predicting bond betas using macro-finance variables
2019
We conduct in-sample and out-of-sample forecasting using the new approach of combining explanatory variables through complete subset regressions (CSR). We predict bond CAPM betas and bond returns conditioning on various macro-finance variables. We explore differences across long-term government bonds, investment grade corporate bonds, and high-yield corporate bonds. The CSR method performs well in predicting bond betas, especially in-sample, and, mainly high-yield bond betas when the focus is out-of-sample. Bond returns are less predictable than bond betas.
International Fiscal-Financial Spillovers:the Effect of Fiscal Shocks on Cross-Border Bank Lending
2019
This paper sheds new light on the degree of international fiscal-financial spillovers by investigating the effect of domestic fiscal policies on cross-border bank lending. By estimating the dynamic response of U.S. cross-border bank lending towards the 45 recipient countries to exogenous domestic fiscal shocks (both measured by spending and revenue) between 1990Q1 and 2012Q4, we find that expansionary domestic fiscal shocks lead to a statistically significant increase in cross-border bank lending. The magnitude of the effect is also economically significant: the effect of 1 percent of GDP increase (decrease) in spending (revenue) is comparable to an exogenous decline in the federal funds ra…
How does public spending affect technical efficiency? Some evidence from 15 European countries
2020
The relationship between government size and economic growth has been widely debated. Revisiting the subject from a distinct angle with respect to the mainstream approach, we provide an empirical analysis of the impact of government size on technical efficiency. The aim of this paper is to estimate the impact of public sector's size and of public expenditure components on 15 European countries’ technical efficiency from 1996 to 2014 by using a True Random Effect model. Using the total public expenditure as a proxy for the government size we estimate simultaneously national optimal production function and technical efficiency by controlling for income distribution and institutional quality. …
Household Debt and Fiscal Multipliers
2015
We study the size of government spending multipliers in a general equilibrium model with search and matching frictions in which we allow for different levels of household indebtedness. The main results of the paper are: (a) the presence of impatient households and private debt helps generate government spending multipliers greater than 1; (b) as financial conditions worsen and impatient consumers find it more difficult to borrow (i.e. in a credit crunch), the size of the government spending multiplier falls; (c) conversely, employment, vacancies and unemployment multipliers are larger when access to credit becomes more difficult; and (d) the model explains the observed pattern of responses …
Fiscal multipliers and job-protection regulation
2021
Abstract We study, both theoretically and empirically, how labor market regulation affects fiscal multipliers. We focus on the stringency of employment protection legislation, a prominent source of rigidity in European labor markets. First, using a small-open economy model that features labor-market search-and-matching frictions and nominal rigidities, we show that an increase in government spending has larger output effects when firing costs are lower. The importance of layoff costs for the public spending multiplier is larger in the absence of exchange rate adjustment and in a recession. Second, we confirm these findings empirically using a panel of 26 advanced countries over the period 1…
Organized crime and public spending: a panel data analysis
2018
The aim of this paper is to investigate, empirically, what components of public spending imply a decreasing effect on organized crime and what components create opportunities for organized crime, discussing also the role of government efficiency. Using a panel data analysis, the results show a strikingly consistent pattern for the EU Member States. Organized crime mainly operates in the distribution of government spending for local public goods and public provision of private services. There is a decreasing effect on organized crime of the public expenditure devoted to education and social policy. Government efficiency in public spending is beneficial to limit the opportunities of the organ…