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Volume 9 (2022): Edizione 56 (January 2022)

Volume 8 (2021): Edizione 55 (January 2021)

Volume 7 (2020): Edizione 54 (January 2020)

Volume 6 (2019): Edizione 53 (January 2019)

Volume 5 (2018): Edizione 52 (January 2018)

Volume 4 (2017): Edizione 51 (December 2017)

Volume 3 (2017): Edizione 50 (December 2017)

Volume 2 (2017): Edizione 49 (December 2017)

Volume 1 (2017): Edizione 48 (November 2017)

Dettagli della rivista
Formato
Rivista
eISSN
2543-6821
Pubblicato per la prima volta
30 Mar 2017
Periodo di pubblicazione
1 volta all'anno
Lingue
Inglese

Cerca

Volume 2 (2017): Edizione 49 (December 2017)

Dettagli della rivista
Formato
Rivista
eISSN
2543-6821
Pubblicato per la prima volta
30 Mar 2017
Periodo di pubblicazione
1 volta all'anno
Lingue
Inglese

Cerca

7 Articoli

Accesso libero

A Consequential Contingent Valuation Referendum: Still Not Enough to Elicit True Preferences for Public Goods!

Pubblicato online: 21 Mar 2018
Pagine: 73 - 90

Astratto

Abstract

Whether respondents disclose their preferences truthfully in surveys that are used to assess the values of public goods remains a crucial question for the practical application of stated preference methods. The literature suggests that in order to elicit true preferences, respondents should see a valuation survey as consequential: they must believe in the actual consequences that may follow from the survey result. Drawing on recent empirical findings, we develop a model depicting the importance of the consequentiality requirement for truthful preference disclosure in a survey that evaluates a public policy project based on a referendum-format value elicitation question. First, we show that a respondent’s belief that his vote may influence the outcome of the referendum plays a central role for revealing his preferences truthfully. Second, we find that the subjectively perceived probabilities of the successful provision of the public good and of the collection of the payment related to the project implementation not only need to be positive but also to be in a particular relationship with each other. This relationship varies in respondents’ preferences towards risk.

Parole chiave

  • contingent valuation
  • stated preferences
  • incentive compatibility
  • advisory referendum
  • payment consequentiality
  • provision consequentiality

JEL Classification

  • D11
  • D61
  • H41
Accesso libero

The Global Economy in the 21st Century: Will the Trends of the 20th Century Continue?

Pubblicato online: 21 Mar 2018
Pagine: 62 - 72

Astratto

Abstract

This paper compares three lists of basic ‘stylized facts’ of global economic growth and proposes a list of five ‘stylized trends’ that describe the main developments of the global economy in the 20th century. The author’s main purpose is to answer the question whether, in the light of the contemporary growth theory and demographic forecasts, these trends are likely to continue in the 21st century. Considering this theory, it is argued that the global economy rate of growth of the per capita gross domestic product (GDP) is likely to continue to be high in the first half of the current century, but decline significantly in the second half. This paper offers forecasts for the average growth rates during this century, and the levels by its end, of the per capita GDP for the technology frontier area (TFA) of the world, and for the countries outside the TFA. According to these forecasts, the strong divergence trend of the 19th and 20th centuries will be replaced by a strong convergence between the TFA and the other countries during the 21st century.

Parole chiave

  • global economic trends
  • 20th and 21st centuries
  • convergence
  • divergence

JEL Classification

  • F01
  • O00
  • O47
Accesso libero

Topology of Complex Networks and Demand of Intraday Liquidity: Based on the Real-Time Gross Settlement System

Pubblicato online: 21 Mar 2018
Pagine: 50 - 61

Astratto

Abstract

Based on the payments and settlement system, the influence of the topology of capital flow networks on the extra short-term liquidity demand is investigated. Through modelling the circulating mechanism of liquidity in a network, its different influencing factors are analysed. The factors relating to the strength of nodes and leakage of liquidity that influences the liquidity demands of real-time settlements are studied from the perspective of both the system and members, using different simulation methods. The results show that strength will lead the member’s liquidity demand to increase but the strength distribution will lead the system’s liquidity demand to decrease, in cases with no leakage effect or unchanged leakage effect. The liquidity demand of the entire system is positive compared to the amount of leakage effect but uncorrelated to the distribution of the leakage effect among members, if the effect of strength distribution is unchanged. If the effects of strength, strength distribution and leakage are changed together, the latter is the dominant factor that influences the liquidity demand of both system and members. The above findings are useful for the management and supervision of short-term liquidity demand in complex financial systems, and for liquidity risk management and liquidity rescue policymaking.

Parole chiave

  • network structure
  • intraday liquidity
  • real-time settlement
  • liquidity management

JEL Classification

  • G21
  • G32
  • C15
Accesso libero

An Institutional Approach to Trade Union Density. The Case of Legal Origins and Political Ideology

Pubblicato online: 21 Mar 2018
Pagine: 35 - 49

Astratto

Abstract

Which institutions may be important in terms of trade union density and how significant they are? Although the status of trade unions may be very different among states, unions are still a very meaningful component of labour markets. In this paper, we contribute to the debate about the institutions that may affect the outcome of trade unions in different legal systems. Firstly, we draw on the theoretical underpinnings of trade union activity and density. Then, we conduct an empirical analysis of the relationships between trade union density in a particular country, country’s legal origins and government’s ideology. In this way, the paper enriches an underexploited niche in institutional research devoted to labour market issues.

Parole chiave

  • institutions
  • trade unions
  • legal origin
  • party ideologies

JEL Classification

  • J51
  • K40
  • P16
Accesso libero

Airbnb and the Hotel Industry in Warsaw: An Example of the Sharing Economy?

Pubblicato online: 21 Mar 2018
Pagine: 23 - 34

Astratto

Abstract

The aim of this analysis is to examine the characteristics of the Airbnb network, to verify the share of Airbnb offers that belong to the sharing economy and to identify the differences between the spatial distribution of the Airbnb network and the traditional hotel industry. The article is based on a unique dataset of web-scraped data on Airbnb listings in Warsaw (Poland), combined with district-level official statistics on the hotel industry. The analysis shows that only approximately 11% of offers belong to the sharing economy (“individuals granting each other temporary access to their under-utilised assets”), while at least one third of offers are provided by professional firms. The Airbnb network shows a strong centre-periphery pattern, with 75% of offers located within a range of 4.3 kilometres from the centre. The spatial concentration of Airbnb offers is strongly driven by their distance from metro lines, while it is weakly related to the amount of living space. On the district-level, the spatial distribution of Airbnb listings is correlated with that of the hotel industry, although Airbnb contributes to a more even spread of tourism in the city. The major contribution of this analysis is its presentation of the size and characteristics of the platform, which is essential for data-driven policy making.

Parole chiave

  • sharing economy
  • tourism
  • platforms
  • digitalization

JEL Classification

  • L83
  • L11
  • R30
Accesso libero

The Determinants of Export Performance of Firms in Selected MENA Countries: Comparison with CEE Countries, Israel and Turkey

Pubblicato online: 21 Mar 2018
Pagine: 4 - 22

Astratto

Abstract

In this paper, we study the export performance determinants of firms in selected MENA countries, both jointly and separately, as well as compare them with the performance of firms from countries in Central and Eastern Europe (CEE). The analysis is based on information about individual firms found in the European Bank for Reconstruction and Development (EBRD) and World Bank Business Environment and Enterprise Performance Survey (BEEPS) V database, covering the period 2011-2014. We estimate the probability of exports, while controlling for country- and sector-specific effects, using the probit model. We find that, in both groups of countries, similar variables affect firm export performance. Our empirical results obtained for Middle East and North Africa (MENA) and CEE countries indicate that the probability of exporting is positively related to the level of productivity, firm size, spending on research and development (R&D), the share of university graduates in productive employment and the internationalization of firms. State ownership and the perception of corruption by firms are mostly not statistically significant. The results obtained for the two groups of countries are statistically not very different, but enough to have some policy implications, while results for particular countries and subgroups of countries reveal a large degree of heterogeneity.

Parole chiave

  • export performance
  • MENA
  • CEE
  • probit

JEL Classification

  • F12
  • F14
  • D22
Accesso libero

Introduction

Pubblicato online: 21 Mar 2018
Pagine: 1 - 3

Astratto

7 Articoli

Accesso libero

A Consequential Contingent Valuation Referendum: Still Not Enough to Elicit True Preferences for Public Goods!

Pubblicato online: 21 Mar 2018
Pagine: 73 - 90

Astratto

Abstract

Whether respondents disclose their preferences truthfully in surveys that are used to assess the values of public goods remains a crucial question for the practical application of stated preference methods. The literature suggests that in order to elicit true preferences, respondents should see a valuation survey as consequential: they must believe in the actual consequences that may follow from the survey result. Drawing on recent empirical findings, we develop a model depicting the importance of the consequentiality requirement for truthful preference disclosure in a survey that evaluates a public policy project based on a referendum-format value elicitation question. First, we show that a respondent’s belief that his vote may influence the outcome of the referendum plays a central role for revealing his preferences truthfully. Second, we find that the subjectively perceived probabilities of the successful provision of the public good and of the collection of the payment related to the project implementation not only need to be positive but also to be in a particular relationship with each other. This relationship varies in respondents’ preferences towards risk.

Parole chiave

  • contingent valuation
  • stated preferences
  • incentive compatibility
  • advisory referendum
  • payment consequentiality
  • provision consequentiality

JEL Classification

  • D11
  • D61
  • H41
Accesso libero

The Global Economy in the 21st Century: Will the Trends of the 20th Century Continue?

Pubblicato online: 21 Mar 2018
Pagine: 62 - 72

Astratto

Abstract

This paper compares three lists of basic ‘stylized facts’ of global economic growth and proposes a list of five ‘stylized trends’ that describe the main developments of the global economy in the 20th century. The author’s main purpose is to answer the question whether, in the light of the contemporary growth theory and demographic forecasts, these trends are likely to continue in the 21st century. Considering this theory, it is argued that the global economy rate of growth of the per capita gross domestic product (GDP) is likely to continue to be high in the first half of the current century, but decline significantly in the second half. This paper offers forecasts for the average growth rates during this century, and the levels by its end, of the per capita GDP for the technology frontier area (TFA) of the world, and for the countries outside the TFA. According to these forecasts, the strong divergence trend of the 19th and 20th centuries will be replaced by a strong convergence between the TFA and the other countries during the 21st century.

Parole chiave

  • global economic trends
  • 20th and 21st centuries
  • convergence
  • divergence

JEL Classification

  • F01
  • O00
  • O47
Accesso libero

Topology of Complex Networks and Demand of Intraday Liquidity: Based on the Real-Time Gross Settlement System

Pubblicato online: 21 Mar 2018
Pagine: 50 - 61

Astratto

Abstract

Based on the payments and settlement system, the influence of the topology of capital flow networks on the extra short-term liquidity demand is investigated. Through modelling the circulating mechanism of liquidity in a network, its different influencing factors are analysed. The factors relating to the strength of nodes and leakage of liquidity that influences the liquidity demands of real-time settlements are studied from the perspective of both the system and members, using different simulation methods. The results show that strength will lead the member’s liquidity demand to increase but the strength distribution will lead the system’s liquidity demand to decrease, in cases with no leakage effect or unchanged leakage effect. The liquidity demand of the entire system is positive compared to the amount of leakage effect but uncorrelated to the distribution of the leakage effect among members, if the effect of strength distribution is unchanged. If the effects of strength, strength distribution and leakage are changed together, the latter is the dominant factor that influences the liquidity demand of both system and members. The above findings are useful for the management and supervision of short-term liquidity demand in complex financial systems, and for liquidity risk management and liquidity rescue policymaking.

Parole chiave

  • network structure
  • intraday liquidity
  • real-time settlement
  • liquidity management

JEL Classification

  • G21
  • G32
  • C15
Accesso libero

An Institutional Approach to Trade Union Density. The Case of Legal Origins and Political Ideology

Pubblicato online: 21 Mar 2018
Pagine: 35 - 49

Astratto

Abstract

Which institutions may be important in terms of trade union density and how significant they are? Although the status of trade unions may be very different among states, unions are still a very meaningful component of labour markets. In this paper, we contribute to the debate about the institutions that may affect the outcome of trade unions in different legal systems. Firstly, we draw on the theoretical underpinnings of trade union activity and density. Then, we conduct an empirical analysis of the relationships between trade union density in a particular country, country’s legal origins and government’s ideology. In this way, the paper enriches an underexploited niche in institutional research devoted to labour market issues.

Parole chiave

  • institutions
  • trade unions
  • legal origin
  • party ideologies

JEL Classification

  • J51
  • K40
  • P16
Accesso libero

Airbnb and the Hotel Industry in Warsaw: An Example of the Sharing Economy?

Pubblicato online: 21 Mar 2018
Pagine: 23 - 34

Astratto

Abstract

The aim of this analysis is to examine the characteristics of the Airbnb network, to verify the share of Airbnb offers that belong to the sharing economy and to identify the differences between the spatial distribution of the Airbnb network and the traditional hotel industry. The article is based on a unique dataset of web-scraped data on Airbnb listings in Warsaw (Poland), combined with district-level official statistics on the hotel industry. The analysis shows that only approximately 11% of offers belong to the sharing economy (“individuals granting each other temporary access to their under-utilised assets”), while at least one third of offers are provided by professional firms. The Airbnb network shows a strong centre-periphery pattern, with 75% of offers located within a range of 4.3 kilometres from the centre. The spatial concentration of Airbnb offers is strongly driven by their distance from metro lines, while it is weakly related to the amount of living space. On the district-level, the spatial distribution of Airbnb listings is correlated with that of the hotel industry, although Airbnb contributes to a more even spread of tourism in the city. The major contribution of this analysis is its presentation of the size and characteristics of the platform, which is essential for data-driven policy making.

Parole chiave

  • sharing economy
  • tourism
  • platforms
  • digitalization

JEL Classification

  • L83
  • L11
  • R30
Accesso libero

The Determinants of Export Performance of Firms in Selected MENA Countries: Comparison with CEE Countries, Israel and Turkey

Pubblicato online: 21 Mar 2018
Pagine: 4 - 22

Astratto

Abstract

In this paper, we study the export performance determinants of firms in selected MENA countries, both jointly and separately, as well as compare them with the performance of firms from countries in Central and Eastern Europe (CEE). The analysis is based on information about individual firms found in the European Bank for Reconstruction and Development (EBRD) and World Bank Business Environment and Enterprise Performance Survey (BEEPS) V database, covering the period 2011-2014. We estimate the probability of exports, while controlling for country- and sector-specific effects, using the probit model. We find that, in both groups of countries, similar variables affect firm export performance. Our empirical results obtained for Middle East and North Africa (MENA) and CEE countries indicate that the probability of exporting is positively related to the level of productivity, firm size, spending on research and development (R&D), the share of university graduates in productive employment and the internationalization of firms. State ownership and the perception of corruption by firms are mostly not statistically significant. The results obtained for the two groups of countries are statistically not very different, but enough to have some policy implications, while results for particular countries and subgroups of countries reveal a large degree of heterogeneity.

Parole chiave

  • export performance
  • MENA
  • CEE
  • probit

JEL Classification

  • F12
  • F14
  • D22
Accesso libero

Introduction

Pubblicato online: 21 Mar 2018
Pagine: 1 - 3

Astratto

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