Search results for "Econometric"

Family governance systems: the complementary role of constitutions and councils

2021

The understanding of family businesses from the family side is still in its infancy. This is especially true in relation to how family members manage their relationships with one another and with the firm. Family growth and evolution are usually accompanied by a reduction in shared family meaning and purpose and greater divergence in the form of factional interests and intentions that harm the family and the firm. To counterbalance this negative impact, scholars generally advocate a set of corporate governance practices. However, few papers have analysed how family regulatory frameworks and family governance institutions affect family firm performance. To the best of our knowledge, no paper…

The Legacy and the Tyranny of Time: Exit and Re-Entry of Sovereigns to International Capital Markets

2018

We use a novel continuous-time Weibull model (without and) with a change-point in the duration dependence parameter to investigate the duration of the exit and re-entry of sovereigns to international capital markets. Relying on annual data for a large panel of countries over the period 1970-2011, we find that, as the reputation of debtor countries as good (bad) borrowers solidifies over time, those episodes are more likely to end - i.e. the "legacy of time". Debtor countries can take advantage of the "benefit of doubt" of creditors during short exit spells. However, when exits are long and the reputation as a bad borrower emerges, no more "complacency" makes it more difficult for them to bo…

Institutions and Rural Stagnation in Eastern Indonesia

2018

This article addresses why agricultural productivity is still very low in peripheral parts of eastern Indonesia. The paper identifies rules and norms underpinning traditionalism. It further addresses how increased land-use efficiency can be supported while maintaining communal land ownership. Information collected from in-depth interviews was analysed based on new institutional economics (NIE) theory. I argue that the government, adat leaders, the Catholic Church, leading businesses, and internationally funded NGOs are organisations contributing to the status quo. Policy recommendations include awareness among international donors of what NGOs really do. Civil society organisations could co…

Financing systems for intermediate government levels in Spain

1999

Traditions, Land Rights, and Local Welfare Creation: Studies from Eastern Indonesia

2016

This research focuses on the impacts of traditional systems of land distribution among households, clans, and the government in two of Indonesia’s poorest provinces: East Nusa Tenggara and Maluku. Our main goal is to discuss and propose alternative ways of dividing and governing productive land to meet new needs in the management of agriculture and forestry. We apply a mixed research methodology that includes in-depth discussions with more than 50 key informants and survey interviews with 640 randomly selected respondents. We find that the number of land conflicts is rising, that land privatisation is becoming increasingly relevant, and that communal land ownership tends to lead to land und…

The ‘social choice’ of privatising urban water services: A case study of Madrid in Spain

2015

Abstract In countries where privatisation is permitted by law, policymakers usually provide different reasons of general interest to allow private companies to manage water services. However, these decisions often provoke intense political debate and are at times opposed by citizens. We illustrate how the Analytic Hierarchy Process can be used to introduce a political analysis regarding the management of water services. We analyse the recent decision taken by the Regional Government of Madrid (Spain) to part-privatise the management of water services. Our main result suggests that policymakers should reconsider the importance of citizen participation in the management of water services.

Asymmetric decentralisation, economic cycle, regional and local government’s borrowing in Spain

2014

This paper investigates the evolution of sub-central government borrowing in Spain over the period 1996–2011. The arguments and figures provided show that the intense process of political and fiscal decentralisation that took place over the 1990s and 2000s did not lead to higher debt ratios in terms of GDP at these tiers of government until 2007. Although a kind of overspending bias was in effect until the late 2000s, the paper shows that the evolution of GDP and tax revenues provided regional and local governments with enough resources to vigorously pursue their devolved public policy responsibilities and still keep their debt ratios under control. However, since 2008, when the world finan…

The effectiveness of access restriction to higher education in decreasing overeducation

2015

Abstract This paper presents a theoretical analysis of the effectiveness of restricting access to higher education in order to decrease overeducation. Agent-based simulation is used as the modelling method. Agents represent secondary school graduates who may choose to get tertiary education. Their willingness to continue studies depends on the share of their friends with tertiary education. There are high-qualified and low-qualified jobs in the labour market; the former require higher education. Tertiary-educated agents employed in low-qualified jobs are overeducated. There are also two types of agents, one of which will not be hired for a high-qualified job even if they graduate from unive…

Visibility estimates of budgetary burden and benefit in European countries

2000

Intermediate territorial levels of government in Austria, Germany, Switzerland, and Spain are different regarding their basic institutions, devolved powers, revenue and public expenditure systems, public revenue equalization mechanisms, accountability, public performance management, and financial control bodies. In spite of the complexity derived from these different characteristics, this paper presents some indicators which permit the creation of time and space fiscal visibility measurements and comparisons. It also advances systematic estimates on visibility for intermediate subsystems of public revenue and expenditure now in force in these European countries. Policy implications seem str…

Budget burden and benefit visibility of European central level governments

2001

Central levels of government in European Union member countries are different regarding their basic institutions, powers, fiscal systems, accountability, public performance management, financial control bodies, and the like. In spite of this, the economic operation of such levels of government should be analyzed, evaluated, and compared from an efficiency viewpoint. This paper presents general indicators to systematically assess the burden and benefit visibility of public budgets of the International Monetary Fund member countries and specific estimates for the central subsystems of public revenue and expenditure now in force in such European countries. An important policy implication of th…