Search results for "Econometric"

Deregulation, liberalization and consolidation of the Mexican banking system: Effects on competition

2011

Este articulo analiza la evolucion de la competencia en el sistema bancario Mexicano en el periodo 1993-2005, periodo de desregulacion, liberalizacion y consolidacion del sector. Para ello se utilizan dos medidas de competencia derivadas de la teoria de la Organizacion Industrial: el indice de Lerner y el estadistico H de Panzar y Rosse. La evidencia empirica no permite rechazar la existencia de competencia monopolistica. El indice de Lerner muestra una disminucion en la rivalidad competitiva en el mercado de los depositos y un incremento en el mercado de los prestamos, observandose una estrategia de subsidiacion cruzada entre ambos mercados. Los resultados obtenidos cuestionan la efectivid…

Producer Services and the Current Account

2022

Abstract In this paper, we present evidence that countries which experienced a larger expansion of services as a share of GDP in recent years exhibited lower current account balances. We argue that this relationship is compatible with the notion that producer services raise aggregate productivity by enhancing increasing returns to specialization, and we develop a model in which the deregulation of the services industry results in higher GDP growth, a reallocation of resources into the services industry, and a temporary current account deficit. We demonstrate that our theoretical argument is supported by the data, even if we control for a multitude of other factors that potentially affect th…

Measuring welfare loss of market power: an application to European banks

2004

From a model of imperfect competition among banking firms, this study derives an analytical expression that allows empirical quantification of the welfare loss associated with imperfect competition. Its application to the specific case of the European banking system shows that in spite of the process of deregulation, market power increased during the 1990s in 10 out of the 15 countries of the EU. The welfare loss associated with market power represents close to 2.5% of EU GDP.

Nuevas tendencias de propiedad y principales implicaciones sobre la gestión de las empresas rusas

2011

La federación Rusa dio inicio en 1990 a un proceso de transición de gran envergadura, cuyo principal objetivo residía en transitar desde una economía de planificación centralizada hacia una economía de mercado. Desde entonces, el gobierno de la Federación ha desarrollado varios programas de reformas en esa dirección. La primera etapa, desarrollada entre 1992 y 1994, tiene un carácter marcadamente estructural en el cual destacan la liberalización económica y la privatización, y la segunda, entre 1995 y 1998, incide en mayor medida en las políticas macroeconómicas. La extensión de la privatización mediante la consolidación de dicha dinámica en las empresas en proceso de desestatalización, así…

Development of a complex approach for evaluation of statistical data

2019

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…

The effect of round-off error on long memory processes

2011

We study how the round-off (or discretization) error changes the statistical properties of a Gaussian long memory process. We show that the autocovariance and the spectral density of the discretized process are asymptotically rescaled by a factor smaller than one, and we compute exactly this scaling factor. Consequently, we find that the discretized process is also long memory with the same Hurst exponent as the original process. We consider the properties of two estimators of the Hurst exponent, namely the local Whittle (LW) estimator and the Detrended Fluctuation Analysis (DFA). By using analytical considerations and numerical simulations we show that, in presence of round-off error, both…

Rank response functions in an online learning environment

2021

Abstract We estimate rank response functions after receiving rank-order feedback in an online learning platform. We find that the shapes of the rank response functions depend on the outcome measure under consideration. For our effort measure, i.e., whether learners continue to interact with the platform, we can reject a linear rank response function and find significant evidence of a U-shaped relationship. For our performance measure, i.e., correctly solved exercises, we find no clear pattern overall but suggestive evidence for a linearly decreasing rank response function for individuals in the lower half of the ability distribution, i.e., the lower the rank the lower the performance.

Productivity Polarization and Sectoral Dynamics in European Regions

2007

Abstract We show that the distribution dynamics of productivity in European regions displays polarization with a nonlinear growth path. We investigate the factors explaining this behavior focusing in particular on sectoral composition. The β -convegence analysis reveals that initial shares of Manufacturing and Other Market Services have a nonlinear impact on growth, while spatial effects are not statistically significant. By decomposing the dynamics of aggregate productivity in terms of sectoral dynamics, we show that productivity in Manufacturing, Non Market Services, and Other Market Services does not converge, for the complex interaction of technological spillovers and specialization eff…

Investment–productivity dynamics and distribution dynamics in a multisector economy: some theory and an application to Italian regions

2003

Abstract In this paper, we study the investment–productivity dynamics in the Framework Space, presented by Bohm and Punzo [Cycles, Growth and Structural Change, Routledge, London (2001) 47], as the distribution dynamics of the production sectors of an economy. We apply such theoretical framework to data from Italian regions to identify differences in sectoral behaviors both within and across regions. Our main findings are: sectors within a region generally follow different regime dynamics; Southern Italian regions are generally characterized by higher degrees of heterogeneity in sectoral growth behaviors and of regime instability. Also, we find support to the hypothesis of a positive relati…