Search results for "Macroeconomics"
showing 10 items of 477 documents
El papel de las cooperativas de crédito en el sostenimiento de la España vaciada a través del capital social
2021
El sistema bancario viene experimentando grandes transformaciones, marcadas por la disminución del número de entidades y la concentración del negocio. Las cooperativas de crédito han logrado mantenerse relativamente aisladas de las turbulencias financieras de la pasada crisis gracias a políticas de inversión prudentes y la clara vocación territorial y de proximidad con el entorno, características que, junto con su carácter cooperativo, se han convertido en las principales fortalezas de este tipo de entidades de crédito. Por otra parte, la creciente desatención del sistema bancario hacia los territorios en retroceso demográfico ha propiciado la exclusión financiera de sus habitantes. En este…
A quantitative-based model to assess seed accelerators’ performance
2021
Seed accelerators are a new generation of business incubators. While the number of seed accelerators worldwide has grown exponentially, there is as yet no consensus on how to measure and analyse th...
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…
Natural resources, electrification and economic growth from the end of the nineteenth century until World War II
2005
RESUMENLas repercusiones de la nueva rúente de energía, electricidad, en el crecimiento económico de una muestra de países –Estados Unidos, Reino Unido, Francia, Italia, España y Canadá- caracterizados por sus diferentes dotaciones de recursos carboníferos es el principal objetivo de este artículo. La nueva energía, entre otras ventajas, redujo la dependencia de los recursos naturales de carbón al poder generarse a partir de diferentes energías primarias: agua o carbón. Con el fin de valorar la importancia de esta reducción de la dependencia del carbón, se presenta una base de datos de los recursos energéticos para los seis países, se muestra que los precios relativos de la electricidad fre…
Female Institutional Directors on Boards and Firm Value
2016
The aim of this research is to examine what impact female institutional directors on boards have on corporate performance. Previous research shows that institutional female directors cannot be considered as a homogeneous group since they represent investors who may or may not maintain business relations with the companies on whose corporate boards they sit. Thus, it is not only the effect of female institutional directors as a whole on firm value that has been analysed, but also the impact of pressure-resistant female directors, who represent institutional investors (investment, pension and mutual funds) that only invest in the company, and do not maintain a business relation with the firm.…
Macroeconomic Impact of Pension System Upon Private Pension Funds Scheme. Empirical Evidence from Central and Eastern European Countries
2021
Abstract The significance of retirement savings and private pension funds increased in the latest decades and gathered important amounts of capitals. The purpose of this paper is to investigate the macroeconomic effects of pension systems from an investment perspective in five Central and Eastern European countries. The analyzing process regarding several underlying macroeconomic effects of pension systems started from the premises that there is a strong connection between the structure of pension systems, the national economy and the development of the financial sector. The econometric tests were processed and applied by using pool data regression models and the method Pooled Instrumental …
Bubbles and Crowding-in of Capital via a Savings Glut
2017
This paper uncovers a mechanism by which bubbles crowd in capital investment. If capital formation is initially depressed by a binding credit constraint, a bubble triggers a savings glut. Higher returns in a new bubbly equilibrium attract additional savings, which are channeled to expand investment at the extensive margin, leading to permanently higher capital, output, and wages. We demonstrate that crowding-in through this channel is a robust phenomenon that occurs along the entire time path.
RENT CREATION AND RENT SHARING: NEW MEASURES AND IMPACTS ON TOTAL FACTOR PRODUCTIVITY
2019
International audience; This analysis proposes new measures of rent creation and rent sharing and assesses their impact on productivity on cross-country-industry panel data. We find first that: (1) anticompetitive product market regulations positively affect rent creation and (2) employment protection legislation boosts hourly wages, particularly for low-skill workers. However, we find no significant impact of this employment legislation on rent sharing, as the hourly wage increases are offset by a negative impact on hours worked. Second, using regulation indicators as instruments, we find that rent creation and rent sharing both have a substantial negative impact on total factor productivi…
Measurement of ERP-project success: findings from Germany and Austria
2016
The implementations of Enterprise Resource Planning (ERP) systems have increased rapidly world-wide over the last two decades. ERP projects are long lasting and complex activities, influencing main internal and external operations of organizations. As companies spend an immense investment on these projects, in the beginning managers are focusing on most common success factors to reach the main goal of a proper implementation. For evaluating ERP projects in retrospective, an applicable measurement of the whole implementation and its economic effects is essential. This research paper evaluates the most prominent ERP project success models mentioned in scientific literature and gives an overvi…
Labor and product market reforms and external Imbalances: Evidence from advanced economies
2021
We explore the impact of major labor and product market reforms on current account dynamics using a new “narrative” database of major changes in employment protection for regular workers and product market regulation for non-manufacturing industries covering 26 advanced economies over the past four decades. Our main finding is that product market deregulation is associated with a weakening of the current account, while labor market deregulation is associated with an improvement. These effects are transitory and driven by both saving and investment responses. Labor and product market reforms both have a more positive impact on the current account balance when implemented under weak macroecon…