Search results for "macroeconomic"
showing 10 items of 503 documents
Economic analysis of PV systems on buildings in Sicilian farms
2013
Abstract The photovoltaic sector in Italy in recent years has experienced a rapid growth also in the primary sector, thanks to substantial incentives guaranteed by energy policies, simultaneous reduction of investment costs and tax benefits. In order to better understand the growth of the PV industry in Italian primary sector, the aim of this paper has been to evaluate the economic convenience of four PV systems on farm buildings located in four different farms of the north-western coast of Sicily and realized during the second and fourth Italian feed-in schemes. For each feed-in scheme it has been considered a PV plant that sells the electricity to the grid and another in which the energy …
The Tax Returns of Public Spending on Universities: An Estimate with Monte Carlo Simulations
2015
Pastor J. M. and Peraita C. The tax returns of public spending on universities: an estimate with Monte Carlo simulations, Regional Studies. This paper proposes a methodology based on counterfactual scenarios and the existence of uncertainty to estimate the tax returns of public spending of regional governments on their public universities. The introduction of differences in the time spent by the students at university and the proportion of the total public expenditure implies making assumptions about uncertainty. The paper applies Monte Carlo simulations incorporating stochastic elements to estimate the tax returns of public spending in the University of the Basque Country (Spain). The resu…
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 …
Cryptocurrency as an Investment Instrument in a Modern Financial Market
2019
This paper considers the development of attractive strategies featuring cryptocurrency assets, considering their costs and potential risks. The object of analysis in this paper is cryptocurren- cy as an investment instrument. The main hypothesis of the research is that modern portfolio theory can be applied to cryptocurrency investments to design an investment portfolio with appropriate risk and profitability characteristics. The authors of the paper: (i) place crypto- currencies in the context of modern financial market and financial technology development; (ii) develop assessment criteria for determining attractiveness of individual cryptocurrencies; and (iii) develop recommendations for …
On the effects of BAC systems and load control programs on the utility grid
2017
The electricity demand increasing for the comfort improvement in residential buildings is nowadays stressing the MV and LV networks in urban areas. In this framework, the Distribution System Operators (DSO) are exposed to the risk of reliability decrease and there is, earlier than expected, the issue of new and substantial investments for enhancing the network infrastructure. Nevertheless, DSOs have a very strong inclination to defer investment in new facilities in favour of more "flexible measures" for improving the life of the existing components. Solutions of this type are primarily based on demand management, i.e. activities aimed at encouraging the end-users to a different/smart electr…
Investment in Design and Firm Performance: The Mediating Role of Design Management
2009
Design management is an increasingly important concept, research into which is remarkably scarce. Although the literature suggests that design management has an effect on design effectiveness, there is no empirical support for the impact of design management on firm performance. Furthermore, few studies have quantified the contribution that design makes to company performance. The aim of this paper is to analyze the effect of design investment on company performance and how this relationship is mediated by design management skills. Structural equation modeling was used to test the research hypotheses on a data set from the Italian and Spanish ceramic tile industry. Results suggest, first, t…
A macroeconomic analysis of the farmland value determinants in Italy
2013
The determinants of farmland value and the factors that have caused its changes over time have been discussed extensively in the economic literature. This studies offer different classifications of the determinants of the farmland value. The aim of this paper is to investigate the influence on the farmland value of the some macro-economic variables related to the agricultural sector both directly and indirectly. A multiple regression model is adopted to answer the research questions. The results showed, on the one hand, a strong influence of agricultural productivity, a regional expenditure allocated to the sector and an increasing diffusion in the regions of protected areas on the farmland…
A dynamic panel study on digitalization and firm's agility: What drives agility in advanced economies 2009–2018
2021
Abstract Firm agility today is not a factor of competitiveness or success but a survival instrument on the market. Disruptive innovations and technological advancement, together with digitalization, change the role of firm agility. We show that the link between the national/industry level of digitalization and firm agility is statistically robust and essential. We study the link on data from 2009 to 2018 in fifteen EU advanced economies using dynamic panel data modeling. The digitalization impact level differs across firms by ownership type (family to non-family firms). Agility in family firms is strongly influenced by the national/industry level of digitization and investments in intangibl…
Investment Arbitration and the Controverted Right of the Arbitrator to Issue a Separate or Dissenting Opinion
2018
Abstract Although dissents are not generally encouraged in international arbitration, they are a reality of investment treaty disputes. About one in five cases includes at least one separate or dissenting opinion. The ICSID Convention is rare among investment arbitration rules to expressly recognise the right of the arbitrator to attach his or her personal opinion to the award. Other investment arbitration rules are silent on the topic. And yet dissenting opinions are an established feature of several international courts and tribunals and their role is often viewed more benevolently than in investment arbitration. The article explores the perceived advantages and disadvantages of dissents …
A rational expectations model for simulation and policy evaluation of the Spanish economy
2010
This paper presents the model used for simulation purposes within the Spanish Ministry of Economic Affairs and Finance. REMS (a Rational Expectations Model for the Spanish economy) is a small open economy dynamic general equilibrium model in the vein of the New-Neoclassical-Keynesian synthesis models, with a strongly micro-founded system of equations. In the long run REMS behaves in accordance with the neoclassical growth model. In the short run, it incorporates nominal, real and financial frictions. Real frictions include adjustment costs in consumption (via habits in consumption and rule-of-thumb households) and investment into physical capital. Due to financial frictions, there is no per…