Search results for "macroeconomics"

Inversión en Investigación, Desarrollo, Maquinaria y Equipo: Desempeño de la Industria Panificadora

2020

La inversión en actividades de investigación y desarrollo, maquinaria, equipo que permiten la construcción de procesos de innovación en el sector panificador han demostrado mejorar notablemente el desempeño corporativo. En la presente investigación se analizan estas inversiones, en 68 organizaciones del sector panificador, descubriendo el efecto de estas inversiones en investigación y desarrollo, así como en tecnología asociada a maquinaria y equipos; logrando reconocer el impacto positivo para el sector panificador de ambas inversiones, especialmente en una industria con importantes barreras a la innovación y un sistema productivo tradicional. Los resultados ponen de manifiesto la importan…

Prevention of cardiovascular diseases since early childhood - is keeping kids at normal weight the best investment?

2019

Foreign Investment, Strategic Assets and National Security (Table of Contents)

2018

At the time of a paradigm change Foreign Investment, Strategic Assets and National Security is a timely analysis of the changing attitude towards foreign investment in major economies, namely the United States of America, the People’s Republic of China, Australia, Canada, and Germany, France and the United Kingdom as representatives of the European Union. Foreign investment has grown steadily for decades and the de-regulation of international trade and investment was a widely accepted trend, particularly in developed countries. Increasingly, however, this development is encountered by opposition. Globalisation and socio-economic effects of mergers and acquisitions of domestic firms by forei…

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.

The Impact of Government Spending on the Private Sector: Crowding-Out versus Crowding-In Effects

2009

The aim of this paper is to analyze the impact of government spending on the private sector, assessing the existence of crowding-out versus crowding-in effects. Using a panel of 145 countries from 1960 to 2007, the results suggest that government spending produces important crowding-out effects, by negatively affecting both private consumption and investment. Moreover, while the effects do not seem to depend on the different phases of economic cycle, they vary considerably among regions. The results are economically and statistically significant, and robust to several econometric techniques.

Instruments, rules, and household debt: the effects of fiscal policy

2015

In this paper, we look at the interplay between the level of household leverage in the economy and fiscal policy, the latter characterised by different combinations of instruments and rules. When the fiscal rule is defined on lump-sum transfers, government spending or consumption taxes, the impact multipliers of transitory fiscal shocks become substantially amplified in an environment of easy access to credit by impatient consumers, regardless of the primary instruments used. However, when the government reacts to debt deviations by raising distortionary taxes on income, labour or capital, the effects of household debt on the size of the impact output multipliers vanish or even reverse, no …

Testing for Government Intertemporal Solvency: A Smooth Transition Error Correction Model Approach

2001

Applied macroeconomists have tested for the government intertemporal solvency condition by either testing for linear stationarity in the total government deficit series or testing for linear cointegration between total government spending and total tax revenues. A number of authors have focused, in particular, on structural breaks in the government deficit process. In this paper, we use a smooth transition error correction model to test and estimate a shift in the adjustment toward a linear cointegration relationship between the government spending to output ratio and the total tax revenues to output ratio. Estimation results show that government authorities react only to large (in absolute…

Assessing Long-Term Fiscal Developments: A New Approach

2009

We use a new approach to assess long-term fiscal developments. By analyzing the time-varying behaviour of the two components of government spending and revenue - responsiveness and persistence - we are able to infer about the sources of fiscal behaviour. Drawing on quarterly data we estimate recursively these components within a system of government revenue and spending equations using a Three-Stage Least Square method. In this way we track fiscal developments, i.e. possible fiscal deteriorations and/or improvements for eight European Union countries plus the US. Results suggest that positions have not significantly changed for Finland, France, Germany, Spain, the United Kingdom and the US,…

Towards a Theoretical Model for Co-Realization of IT Value in Government

2015

Despite decades of heavy investments in information technology (IT) and information systems (IS) in government systems and considerable amounts of research on how IS contributes to organizational performance and success, IS investments are still considered risky business. Fewer than 50% of IS projects deliver the expected functionality on time and on budget. As the world becomes increasingly more complex, IS increasingly needs to function across organizational boundaries. The added complexity is likely to add to the risks of IS investments. Hence, there is a need to improve practice and to increase the success rate of IS investments, especially in government settings. To address this fundam…

A Stochastic Model for Population and Well-Being Dynamics

2014

This article presents a stochastic dynamic model to study the demographic evolution per sexes and the corresponding well-being of a general human population. The main model variables are population per sexes and well-being. The considered well-being variable is the Gender-Related Development Index (GDI), a United Nations index. The model's objectives are to improve future well-being and to reach a stable population in a country. The application case consists of adapting, validating, and using the model for Spain in the 2000–2006 period. Some instance strategies have been tested in different scenarios for the 2006–2015 period to meet these objectives by calculating the reliability of the res…