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  • ddc:330  (193,825)
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  • 1
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    Chicago: University of Chicago Press | ZBW – Leibniz Information Centre for Economics Kiel, Hamburg
    Publication Date: 2019-10-22
    Description: 9-ending prices, which comprise between 40%–95% of retail prices, are popular because shoppers perceive them as being low. We study whether this belief is justified using scanner price-data with over 98-million observations from a large US grocery-chain. We find that 9-ending prices are higher than non 9-ending prices, by as much as 18%. Two factors explain why shoppers believe, mistakenly, that 9-ending prices are low. First, we find that among sale-prices, 9-ending prices are indeed lower than non 9-ending prices, giving 9-ending prices an aura of being low. Second, at first, 9-ending prices were indeed lower than other prices. Shoppers, therefore, learned to associate 9-endings with low prices. Over time, however, 9-ending prices rose substantially, which shoppers failed to notice, because the continuous use of 9-ending prices for promoting deep price cuts draws shoppers’ attention to them, and helps to maintain-and-preserve the image of 9-ending prices as bargain prices.
    Description: Special Issue on Behavioral Pricing
    Keywords: M30 ; M31 ; L11 ; L16 ; L81 ; D12 ; D22 ; D40 ; D90 ; D91 ; E31 ; ddc:330 ; Behavioral Pricing ; Psychological Prices ; Price Perception ; Image Effect ; 9-Ending Prices ; Price Points ; Regular Prices ; Sale Prices
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 2
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    Kiel, Hamburg: ZBW - Leibniz Information Centre for Economics
    Publication Date: 2021-01-07
    Description: Community-Led Local Development (CLLD) – in rural areas implemented as LEADER – is a well-established “territorial delivery mechanism”. The research topic of this contribution is to discuss the influence of different variables of the LEADER implementation on the performance of this place-based and participatory approach. The results are related to single variables of the LEADER implementation and their impact on LEADER performance.
    Keywords: ddc:330 ; R19 ; LEADER ; rural development
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 3
    Publication Date: 2021-01-07
    Description: Fostering innovation-driven regional development has become a major priority for public policy. Thus innovation is a crucial issue in Rural Development Programmes (RDP) to overcome challenges like economic development and demographic change. One part of RDP funded by the European Union, which explicitly addresses innovation, is LEADER: a bottom-up-oriented, participatory approach which relies on cooperation between local actors in the sense of a Community-led local development (CLLD). Stakeholders of different institutions and origins come together in a Local Action Group (LAG) to decide on the projects to be financed. Previous research provides evidence that rural communities are innovative when they have the necessary space and power to act. There is, however, little knowledge about the factors, which are crucial for the power to act, and about the policy framework that provides the necessary space in CLLD-context. The aim of the paper is hence to identify factors, which influence the implementation of innovative projects. Our analysis builds on surveys among LAG-managers, LAG-members and beneficiaries in 115 LEADER areas in four federal states in Germany (Hesse, Lower-Saxony, North Rhine-Westphalia and Schleswig-Holstein). Since the explanatory is a dummy variable we used logit models for the analysis. Overall, 56% of the beneficiaries classified their own project as innovative. There are, however, large differences between the different federal states. Our econometric results suggest that origin of the project idea and the type of beneficiary significantly influence the likelihood of innovation. The expectation that heterogeneity fosters innovative ideas is not supported by our analyses.Fostering innovation-driven regional development has become a major priority for public policy. Thus innovation is a crucial issue in Rural Development Programmes (RDP) to overcome challenges like economic development and demographic change. One part of RDP funded by the European Union, which explicitly addresses innovation, is LEADER: a bottom-up-oriented, participatory approach which relies on cooperation between local actors in the sense of a Community-led local development (CLLD). Stakeholders of different institutions and origins come together in a Local Action Group (LAG) to decide on the projects to be financed. Previous research provides evidence that rural communities are innovative when they have the necessary space and power to act. There is, however, little knowledge about the factors, which are crucial for the power to act, and about the policy framework that provides the necessary space in CLLD-context. The aim of the paper is hence to identify factors, which influence the implementation of innovative projects. Our analysis builds on surveys among LAG-managers, LAG-members and beneficiaries in 115 LEADER areas in four federal states in Germany (Hesse, Lower-Saxony, North Rhine-Westphalia and Schleswig-Holstein). Since the explanatory is a dummy variable we used logit models for the analysis. Overall, 56% of the beneficiaries classified their own project as innovative. There are, however, large differences between the different federal states. Our econometric results suggest that origin of the project idea and the type of beneficiary significantly influence the likelihood of innovation. The expectation that heterogeneity fosters innovative ideas is not supported by our analyses.
    Keywords: ddc:330 ; R1 ; Innovation ; Rural development ; LEADER ; evaluation
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 4
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    Gütersloh: Bertelsmann Foundation | Kiel, Hamburg: ZBW - Leibniz Information Centre for Economics
    Publication Date: 2020-10-29
    Description: The Gnassingbé clan has ruled the country since 1967. The demand for political alternance, initiated by institutional and electoral reforms, constituted the major contentious issue between the government and the challengers of the Gnassingbé regime throughout the survey period. The legislative elections of 20 December 2018, boycotted by the major opposition parties, resulted in an easy victory of the ruling party. The first local elections since more than 30 years took finally place on 30 June 2019 and resulted in the victory of the ruling party. Shortly afterwards, in February 2020, the President won also the disputed presidential elections and even consolidated his power, assisted by the loyal army and security services. The outbreak of the Corona epidemic in Togo in April and the subsequent economic recession may have contributed to limit popular protest against the Gnassingbé regime. The human rights record of the government has improved but remains poor. Despite undeniable improvements to the framework and appearance of the regime's key institutions during the review period, democracy remains far from complete. However, the international community, notably Togo’s African peers, the AU and ECOWAS, followed a ‘laissez-faire’ approach in the interests of regional stability and their national interests in dealing with Togo. Economic growth remained stable at about 5% per annum (before Corona). Public investment in infrastructure and increases in agricultural productivity, notably of export crops, had been the key drivers of economic growth. However, growth remains vulnerable to external shocks and the climate and has not been inclusive. Positive growth was overshadowed by increasing inter-personal and regional inequality as well as an increase in extreme poverty. Moreover, money-laundering, illegal money transfers and trafficking grew alarmingly. The business climate improved considerably nevertheless.
    Description: Author's enhanced version
    Description: RÉSUMÉ: Le clan Gnassingbé dirige le pays depuis 1967. La revendication d'alternance politique, initiée par des réformes institutionnelles et électorales, a constitué le principal litige entre le gouvernement et les challengers du régime Gnassingbé tout au long de la période d'enquête. Les élections législatives du 20 décembre 2018, boycottées par les principaux partis d'opposition, se sont soldées par une victoire facile du parti au pouvoir. Les premières élections locales depuis plus de 30 ans ont finalement eu lieu le 30 juin 2019 et ont abouti à la victoire du parti au pouvoir. Peu de temps après, en février 2020, le président a remporté également les élections présidentielles contestées. Par cela il a même consolidé son pouvoir, aidé par l'armée fidèle et les services de sécurité. Le déclenchement de l'épidémie de Corona au Togo en avril 2020 et la récession économique qui a suivi, ont peut-être contribué à limiter les protestations populaires contre le régime de Gnassingbé. Le bilan du gouvernement en matière de droits humains s'est amélioré, mais reste médiocre. Malgré des améliorations indéniables du cadre et de l'apparence des principales institutions du régime pendant la période à l'examen, la démocratie reste loin d'être achevée. Cependant, la communauté internationale, notamment les pairs africains du Togo, l’UA et la CEDEAO, ont suivi une approche de «laissez-faire» dans l’intérêt de la stabilité régionale et de leurs intérêts nationaux face au Togo. La croissance économique est restée stable à environ 5 % par an (avant Corona). Les investissements publics dans les infrastructures et les augmentations de la productivité agricole, notamment des cultures d'exportation, ont été les principaux moteurs de la croissance économique. Cependant, la croissance reste vulnérable aux chocs externes et au climat, et le développement n'a pas été inclusive. La croissance positive a été éclipsée par l'augmentation des inégalités interpersonnelles et régionales ainsi que par une augmentation de l'extrême pauvreté. En outre, le blanchiment d’argent, les transferts d’argent illégaux et le trafic ont augmenté de façon alarmante. Le climat des affaires s'est néanmoins considérablement amélioré. ------------------------------------------------------------------------------------------------------------------------------------ ZUSAMMENFASSUNG: Der Gnassingbé-Clan regiert das Land seit 1967. Die Forderung nach politischer Abwechslung, die durch institutionelle Reformen und Wahlreformen ausgelöst wurde, war das Hauptstreitpunkt zwischen der Regierung und den Herausforderern des Gnassingbé-Regimes während des gesamten Untersuchungszeitraums. Die von den großen Oppositionsparteien boykottierten Parlamentswahlen vom 20. Dezember 2018 führten zu einem leichten Sieg der Regierungspartei. Die ersten Kommunalwahlen seit mehr als 30 Jahren fanden schließlich am 30. Juni 2019 statt und führten zum Sieg der Regierungspartei. Kurz darauf, im Februar 2020, gewann der Präsident auch die umstrittenen Präsidentschaftswahlen. Somit festigte er sogar seine Macht, unterstützt von der loyalen Armee und den Sicherheitsdiensten. Der Ausbruch der Corona-Epidemie in Togo im April und die anschließende wirtschaftliche Rezession haben möglicherweise dazu beigetragen, den Protest der Bevölkerung gegen das Gnassingbé-Regime zu begrenzen. Die Menschenrechtsbilanz der Regierung hat sich verbessert, ist aber weiterhin schlecht. Trotz unbestreitbarer Verbesserungen des Rahmens und des Erscheinungsbilds der wichtigsten Institutionen des Regimes im Berichtszeitraum bleibt die Demokratie bei weitem nicht umfassend. Die internationale Gemeinschaft, insbesondere die afrikanischen Kollegen Faure Gnassingbés in der AU und ECOWAS, verfolgten jedoch im Interesse der regionalen Stabilität und in ihren nationalen Interessen im Umgang mit Togo einen „Laissez-Faire“-Ansatz. Das Wirtschaftswachstum blieb stabil bei etwa 5% pro Jahr (vor Corona). Öffentliche Investitionen in die Infrastruktur und die Steigerung der landwirtschaftlichen Produktivität, insbesondere in Exportkulturen, waren die Haupttreiber des Wirtschaftswachstums. Das Wachstum bleibt jedoch anfällig für externe Schocks und das Klima und war nicht inklusiv. Das positive Wachstum wurde durch die zunehmende zwischenmenschliche und regionale Ungleichheit sowie die Zunahme der extremen Armut überschattet. Darüber hinaus nahmen Geldwäsche, illegale Geldtransfers und Menschenhandel alarmierend zu. Das Geschäftsklima hat sich dennoch erheblich verbessert.
    Keywords: ddc:330 ; A14 ; F35 ; N97 ; O17 ; O55 ; Z13 ; Togo ; WAEMU ; ECOWAS ; West Africa ; African Studies ; Democratization ; Governance ; Fragile States ; Development ; ODA
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 5
    Publication Date: 2020-11-20
    Description: Digitalisierung und Industrie 4.0 spielen im Rahmen der digitalen Vernetzung eine immer größere Rolle für den Maschinen- und Anlagenbau – und das sowohl als Anbieter als auch als Anwender digitaler Produkte. Digitale Geschäftsmodelle und neue Wettbewerber aus dem Bereich digitaler Plattformen stellen zunehmend Herausforderungen für die Maschinenbauunternehmen dar. Der Beitrag befasst sich mit den Digitalisierungsstrategien der Maschinenbauunternehmen ebenso wie mit dem Stand der Digitalisierung bei den Prozessen, Produkten und Geschäftsmodellen. Es werden Wirkungen der digitalen Transformation auf Beschäftigung untersucht sowie arbeits- und beschäftigungspolitische Herausforderungen in der Branche aus Sicht von Mitbestimmungsakteuren diskutiert. Daraus werden Gestaltungsfelder und strategische Orientierungen für die Mitbestimmungsträger erarbeitet.
    Keywords: ddc:330 ; Maschinenbau ; Digitalisierung ; Beschäftigung ; Mitbestimmung
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 6
    Publication Date: 2020-11-24
    Description: This study analyses the effect of Kazakhstan’s 2003–2005 agricultural land reform on land rental and credit market participation. Although the reform declared an intention to facilitate efficient land allocation, we observe a major land concentration. We analyze whether new land relations stimulated land sales and rental markets and made credit more accessible. Utilizing data from two independent surveys before and after private land ownership was introduced, we demonstrate that the reform did not affect the land sales market but reorganized the land-rental market in a top-down fashion with the state remaining the principal landlord. The reform did not achieve the goal of providing access to land for the more skilled producers and did little to facilitate the use of owned land as collateral. The reform achievements are modest and bolder steps will be necessary to improve the functioning of Kazakhstan’s agricultural land markets.
    Keywords: ddc:330 ; land rental market ; credit market ; land reforms ; allocative efficiency ; Kazakhstan
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 7
    Publication Date: 2021-01-05
    Description: What is the effect of the COVID-19 pandemic on the 2020 U.S. presidential election? Guided by a pre-analysis plan, we estimate the effect of COVID- 19 cases and deaths on the change in county-level voting for Donald Trump between 2016 and 2020. To account for potential confounders, we include a large number of COVID-19-related controls as well as demographic and so- cioeconomic variables. Moreover, we instrument the numbers of cases and deaths with the share of workers employed in meat-processing factories to sharpen our identification strategy. We find that COVID-19 cases negatively affected Trump's vote share. The estimated effect appears strongest in ur- ban counties, in states without stay-at-home orders, in swing states, and in states that Trump won in 2016. A simple counterfactual analysis suggests that Trump would likely have won re-election if COVID-19 cases had been 5 percent lower. We also find some evidence that the COVID-19 incidence had a positive effect on voters' mobilization, helping Biden win the presidency.
    Keywords: ddc:330 ; D72 ; I18 ; COVID-19 ; pandemic ; elections ; political behavior ; pre-analysis plan
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 8
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    Essen: Global Labor Organization (GLO)
    Publication Date: 2021-01-05
    Description: This paper studies whether research universities can boost regional economic development through an exogenous shock of a forced relocation of a research university in China. We analyze the development in the treated regions compared with a set of control regions that are created using the synthetic control method and find that research universities can have negative effects on local economic development. We then perform a series of robustness checks. Our main results carry through. By employing a more exogenous shock and more reliable identification strategies, our study provides evidence that research universities do not necessarily promote regional economic development.
    Keywords: ddc:330 ; O15 ; O18 ; R11 ; Research Universities ; Regional Economic Development ; Synthetic Control Method
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 9
    Publication Date: 2021-01-05
    Description: Employing nonparametric bounds, we examine the effect of military service on incarceration outcomes using the Vietnam draft lotteries as a possibly invalid instrumental variable for military service. The draft is allowed to have a direct effect on the outcomes independently of military service, disposing of the exclusion restriction. We find: (i) suggestive but not strong statistical evidence that the direct effect of the draft increases the incarceration rate for violent offenses for a particular cohort of draft avoiders, and (ii) military service increases the incarceration rate for violent and nonviolent crimes of white volunteers and veterans in certain birth cohorts.
    Keywords: ddc:330 ; K4 ; C31 ; C36 ; Conscription ; Military Service ; Incarceration ; Crime ; Nonparametric Bounds
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 10
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    Essen: Global Labor Organization (GLO)
    Publication Date: 2021-01-05
    Description: The availability of child-care services has often been advocated as one of the instruments to counter the fertility decline observed in many high-income countries. In the recent past large inflows of lowskilled migrants have substantially increased the supply of child-care services. In this paper we examine if the flow of immigrants as actually affected fertility exploiting the natural experiment occurred in Italy in 2007, when a large inflow of migrants - many of them specialized in the supply of child care - arrived unexpectedly. With a difference-in-differences method, we show that newly arrived immigrant female workers have increased the number of native births by roughly 2 per cent. We validate our result by the implementation of an instrumental variable approach and several robustness tests, all concluding that the increase in the supply of child-care services by immigrants has positively affected native fertility choice.
    Keywords: ddc:330 ; D12 ; F22 ; J13 ; J61 ; Household Economics ; Fertility ; Immigrant Labour ; International Migration
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 11
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    Essen: Global Labor Organization (GLO)
    Publication Date: 2021-01-05
    Description: The ‘mobility transition’ hypothesis – with emigration first increasing and then decreasing as a country develops – (Zelinsky, 1971) is often interpreted as a stylised fact, which bears the implication that immigration into rich countries will grow as low-income countries develop. This paper tests the relationships between development and emigration from 130 developing countries during 25 years. Results, robust to different semiparametric and parametric specifications, show that emigration from low to middle-income countries declines as income increases, education improves or population growth slows down. The stage of development at home also affects the main destinations of emigration. Immigration into rich economies increases from countries at intermediate levels of development. Hence, policies supporting development in low-income countries are associated with less emigration to all destinations, including that to rich economies.
    Keywords: ddc:330 ; F22 ; J11 ; O11 ; emigration ; income ; development ; demographic transitions
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 12
    Publication Date: 2021-01-05
    Description: This paper explores the relationship between social identity and labor market outcomes of immigrants. Using survey data from Italy, we provide robust evidence that immigrants with stronger feelings of belonging to the societies of both the host and home country have higher employment rates, while those who exclusively identify with the host country culture do not have a net occupational advantage. Analysis of the potential mechanisms suggests that, although simultaneous identification with host and home country groups can be costly, the positive effect of multiple social identities is especially triggered by the enlarged information transmission and in-group favoritism that identification with, and membership of, extended communities ensure.
    Keywords: ddc:330 ; F22 ; J15 ; J61 ; Z1 ; Migration ; Integration ; Ethnic identity ; Acculturation ; Culture ; Labor market
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 13
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    Hoboken: Wiley | Kiel, Hamburg: ZBW - Leibniz Information Centre for Economics
    Publication Date: 2020-11-27
    Description: We study the cost of breaching an implicit contract in a goods market. Young and Levy (2014) document an implicit contract between the Coca-Cola Company and its consumers. This implicit contract included a promise of constant quality. We offer two types of evidence of the costs of breach. First, we document a case in 1930 when the Coca-Cola Company chose to avoid quality adjustment by incurring a permanently higher marginal cost of production, instead of a one-time increase in the fixed cost. Second, we explore the consequences of the company’s 1985 introduction of “New Coke” to replace the original beverage. Using the Hirschman’s (1970) model of Exit, Voice, and Loyalty, we argue that the public outcry that followed New Coke’s introduction was a response to the implicit contract breach.
    Keywords: ddc:330 ; E31 ; K10 ; L11 ; L16 ; L66 ; M20 ; M30 ; N80 ; N82 ; Invisible Handshake ; Implicit Contract ; Customer Market ; Long-Term Relationship ; Cost of Breaching a Contract ; Cost of Breaking a Contract ; Coca-Cola ; New Coke ; Exit, Voice, and Loyalty ; Nickel Coke ; Sticky Prices ; Price Stickiness ; Rigid Prices ; Price Rigidity ; Cost of Price Adjustment ; Menu Cost ; Cost of Quality Adjustment
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 14
    Publication Date: 2020-12-19
    Description: Globally, grasslands are shaped by grazing and fire, and grassland plants are adapted to these disturbances. However, temperate grasslands have been hotspots of land-use change, and how such changes affect interrelations between herbivory, fire and vegetation are poorly understood. Such land-use changes are widespread on the Eurasian steppe, where the dissolution of the Soviet Union in 1991 triggered the abandonment of cropland and pasture on globally relevant scales. Thus, to determine how relationships between plant functional composition, grazing and fire patterns changed after the Soviet Union dissolved, we studied a 358,000 km² region in the dry steppe of Kazakhstan, combining a large field dataset on plant functional traits with multi-scale satellite data. We found that increases in burned area corresponded to decreases in livestock grazing across large areas. Furthermore, fires occurred more often with high cover of grasses with high leaf dry matter content and thus higher flammability, whereas higher grazing pressure favoured grazing-tolerant woody forbs and ruderal plants with high specific leaf area. The current situation of low grazing pressure represents a historically exceptional, potentially non-analogue state. We suggest that the dissolution of the Soviet Union caused the disturbance regime to shift from grazer to fire control. As grazing and fire each result in different plant functional compositions, we propose that this led to widespread increases in grasses and associated changes in steppe plant community structure. These changes have potentially occurred across an area of more than 2 million km², representing much of the world's largest temperate grassland area, with globally relevant, yet poorly understood implications for biodiversity and ecosystem functions such as carbon cycling. Additionally, future steppe management must also consider positive implications of abandonment (‘rewilding’) because reverting the regime shift in disturbance and associated changes in vegetation would require grazing animals to be reintroduced across vast areas.
    Keywords: ddc:330 ; disturbance ; grassland ; Kazakhstan ; land use ; Landsat ; livestock decline ; MODIS ; regime shift
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 15
    Publication Date: 2021-01-06
    Description: Pro-environmental behaviour (PEB) is often promoted by reinforcing or highlighting own benefits. However, considering that actors also care about the outcomes for others (i.e. they hold other-regarding preferences), PEB may also be encouraged by addressing these other-regarding preferences. In this paper, we review the results from social science experiments where interventions addressing other-regarding preferences were used to promote PEB. Based on our synthesis, we conclude that addressing other-regarding preferences can be effective in promoting (various types of) PEB in some, but not in all instances. Whether an intervention was effective depended inter alia on the pre-established preferences, cost structures and the perceived cooperation of others. Effective interventions included the provision of information on behavioural consequences, perspective-taking, direct appeals, framing and re-categorization. The interventions worked by activating other-regarding preferences, raising awareness about adverse consequences, evoking empathic concern and expanding the moral circle. We propose to take these findings as an impulse to examine policy instruments and institutions in terms of whether they activate and strengthen other-regarding preferences, thereby enabling collective engagement in PEB.
    Keywords: ddc:330 ; Q56 ; Y80 ; D90 ; pro-environmental behaviour ; experiments ; other-regarding preferences ; empathic concern ; preference activation ; review
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 16
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    Essen: Global Labor Organization (GLO)
    Publication Date: 2021-01-05
    Description: Self-employment contributes to employment growth and innovativeness and many individuals want to become self-employed due to the autonomy and exibility it brings. Using "subjective well-being" as a broad summary measure that evaluates an individual's experience of being self-employed, the chapter discusses evidence and explanations why self-employment is positively associated with job satisfaction, even though the self-employed often earn less than their employed peers, work longer hours and experience more stress and higher job demands. Despite being more satisfied with their jobs, the self-employed do not necessarily enjoy higher overall life satisfaction, which is due to heterogeneity of types of self-employment, as well as motivational factors, work characteristics and institutional setups across countries.
    Keywords: ddc:330 ; L26 ; J24 ; J28 ; self-employment ; entrepreneurship ; subjective well-being ; job satisfaction ; life satisfaction
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 17
    Publication Date: 2021-01-05
    Description: The UK Welfare Reform Act 2012 imposed a series of welfare cuts, which disproportionately impacted ex-ante poorer areas. In this paper, we consider the impact of these austerity measures on two different but complementary elements of crime - the crime rate and the less-studied concentration of crime - over the period 2011-2015 in England and Wales, and document four new facts. First, areas more exposed to the welfare reforms experience increased levels of crime, an effect driven by a rise in violent crime. Second, both violent and property crime become more concentrated within an area due to the welfare reforms. Third, it is ex-ante more deprived neighborhoods that bear the brunt of the crime increases over this period. Fourth, we find no evidence that the welfare reforms increased recidivism, suggesting that the changes in crime we find are likely driven by new criminals. Combining these results, we document unambiguous evidence of a negative spillover of the welfare reforms at the heart of the UK government's austerity program on social welfare, which reinforced the direct inequality-worsening effect of this program. More deprived districts are more exposed to the welfare reforms, and it is these districts that then experience the further negative consequences of the reforms via increased crime. Our findings underscore the importance of considering both multiple dimensions of crime as well as considering different levels of spatial aggregation of crime data. Given that it is violent crime that responds to the (economicallybased) welfare cuts, our work also highlights the need to develop better economic models of non-rational crime.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 18
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    Essen: Global Labor Organization (GLO)
    Publication Date: 2021-01-05
    Description: This study explores the effects of imbalances in the sex ratio, and their impact on intra-household bargaining, on both the quantity and the quality of children. We first present the theoretical model of intra-household bargaining in the presence of con icting family goals within a couple, and show that male scarcity (a decrease in the male to female sex ratio) induces an increase in the number of children, but a decrease in the quality of children. Second, using the impact of World War II on the sex ratio, as a quasi-natural experiment, we establish empirically that the decrease in the male to female sex ratio in World War II contributed to a lower decline in fertility and child mortality rates in postwar Japan. In particular, the fertility rate would have fallen by an additional 12% and the child mortality rate by an additional 13% between 1948 and 1970, in the absence of the decrease in the sex ratio.
    Keywords: ddc:330 ; J11 ; J12 ; J13 ; J16 ; N15 ; N35 ; quantity-quality trade-off of children ; bargaining power ; marriage mar- ket ; sex ratio
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 19
    Publication Date: 2021-01-06
    Description: The unexpected occurrence of the COVID-19 outbreak has undeniably disrupted the normalcy of life. Stress has become an important concern in education since the COVID-19 outbreak. This descriptive-correlational online survey administered in August 2020 utilized the COVID-19 Perceived Stress Scale (COVID-19 PSS-10) to assess the COVID-19 perceived stress among employed Filipino teachers. Whitney U and Kruskal–Wallis tested for differences while Spearman’s rho was used to analyze the correlation between variables. Results demonstrated that more than half of teachers experienced moderate COVID-19 stress. Females experienced significantly higher COVID-19 stress compared to males. A negative correlation was noted between self-rated health and COVID-19 stress while a positive correlation was found between the perceive risk of getting COVID-19 infection and COVID-19 stress. This study highlights that steps must be undertaken to help teachers deal with the stress of the COVID-19 crisis as well as they must be provided or taught with stress management interventions during this pandemic. This study could be used as a baseline for future research to assess the impact of COVID-19 stress among professional teachers.
    Description: La aparición inesperada del brote de COVID-19 ha interrumpido sin lugar a dudas la normalidad de la vida. El estrés se ha convertido en una preocupación importante en la educación desde el brote de COVID-19. Esta encuesta en línea descriptiva-correlacional administrada en agosto de 2020 utilizó la Escala de estrés percibido COVID-19 (COVID-19 PSS-10) para evaluar el estrés percibido por COVID-19 entre los profesores filipinos empleados. Whitney U y Kruskal-Wallis probaron las diferencias mientras que la rho de Spearman se utilizó para analizar la correlación entre las variables. Los resultados demostraron que más de la mitad de los maestros experimentaron un estrés moderado por COVID-19. Las mujeres experimentaron un estrés por COVID-19 significativamente mayor en comparación con los hombres. Se observó una correlación negativa entre la salud autoevaluada y el estrés por COVID-19, mientras que se encontró una correlación positiva entre el riesgo percibido de contraer la infección por COVID-19 y el estrés por COVID-19. Este estudio destaca que se deben tomar medidas para ayudar a los maestros a lidiar con el estrés de la crisis de COVID-19, así como se les debe proporcionar o enseñar intervenciones de manejo del estrés durante esta pandemia. Este estudio podría usarse como base para futuras investigaciones para evaluar el impacto del estrés por COVID-19 entre los profesores profesionales.
    Keywords: ddc:330 ; COVID-19 ; corona virus ; pandemic ; mental health ; stress ; psychological well-being ; teachers ; educators
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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    Essen: Global Labor Organization (GLO)
    Publication Date: 2021-01-08
    Description: The large economic costs of full-blown lockdowns in response to COVID-19 outbreaks, coupled with heterogeneous mortality rates across age groups, led to question non-discriminatory containment mea- sures. In this paper we provide an assessment of the targeted approach to containment. We propose a SIR-macro model that allows for heterogeneous agents in terms of mortality rates and contact rates, and in which the government optimally bans people from working. We find that under a targeted pol- icy, the optimal containment reaches a larger portion of the population than under a blanket policy and is held in place for longer. Compared to a blanket policy, a targeted approach results in a smaller death count. Yet, it is not a panacea: the recession is larger under such approach as the containment policy applies to a larger fraction of people, remains in place for longer, and herd immunity is achieved later. Moreover, we find that increased interactions between low- and high-risk individuals effectively reduce the benefits of a targeted approach to containment.
    Keywords: ddc:330 ; E10 ; H00 ; I10 ; Optimal containment policies ; COVID-19 ; heterogeneous agents ; mortality rate ; voluntary social distancing
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 21
    Publication Date: 2021-01-08
    Description: Overall mobility declined during the COVID-19 pandemic because of government lockdowns and voluntary social distancing. Yet, aggregate data mask important heterogeneous effects across segments of the population. Using unique mobility indicators based on anonymized and aggregate data provided by Vodafone for Italy, Portugal, and Spain, we find that lockdowns had a larger impact on the mobility of women and younger cohorts. Younger people also experienced a sharper drop in mobility in response to rising COVID-19 infections. Our findings, which are consistent across estimation methods and robust to a variety of tests, warn about a possible widening of gender and inter-generational inequality.
    Keywords: ddc:330 ; E1 ; I1 ; H0 ; COVID-19 ; lockdown ; mobility ; gender ; age
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 22
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    Hamburg: University of Hamburg, Institute of Law and Economics (ILE)
    Publication Date: 2021-01-08
    Description: International environmental agreements (IEAs) address cross-border public goods, therefore they are faced with free-riding problems. Generally, the incentives of states to comply with such treaties are low as the benefits of compliance do not always outweigh the cost. Previous literature has pointed towards the importance of the treaty design characteristics in motivating compliance and deterring free-riding. The aim of this paper is to investigate the association of using of those mechanisms -treaty linkages- and the compliance with IEAs. By using data on 92 IEAs from the international regime database (IRD), the paper finds that the number of reinforcing links per treaty has a positive and significant association with better compliance. Counter to existing literature, trade links, however, do not exhibit a significant association with better compliance.
    Keywords: ddc:330 ; H41 ; K33 ; O19 ; Q50 ; Q56 ; International Environmental agreements ; Treaty linkages ; Compliance ; Public goods
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 23
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    Frankfurt a. M.: Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS)
    Publication Date: 2021-01-15
    Description: Structural macroeconometric analysis and new HANK-type models with extremely high dimensionality require fast and robust methods to efficiently deal with occasionally binding constraints (OBCs), especially since major developed economies have again hit the zero lower bound on nominal interest rates. This paper shows that a linear dynamic rational expectations system with OBCs, depending on the expected duration of the constraint, can be represented in closed form. Combined with a set of simple equilibrium conditions, this can be exploited to avoid matrix inversions and simulations at runtime for significant gains in computational speed. An efficient implementation is provided in Python programming language. Benchmarking results show that for medium-scale models with an OBC, more than 150,000 state vectors can be evaluated per second. This is an improvement of more than three orders of magnitude over existing alternatives. Even state evaluations of large HANK-type models with almost 1000 endogenous variables require only 0.1 ms.
    Keywords: ddc:330 ; Occasionally Binding Constraints ; Effective Lower Bound ; Computational Methods
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 24
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    Halle (Saale): Leibniz-Institut für Wirtschaftsforschung Halle (IWH)
    Publication Date: 2021-01-15
    Description: Using a newly collected dataset of robot use at the plant level from 2014 to 2018, we provide the first microscopic portrait of robotisation in Germany and study the potential determinants of robot adoption. Our descriptive analysis uncovers five stylised facts concerning both extensive and, perhaps more importantly, intensive margin of plant-level robot use: (1) Robot use is relatively rare with only 1.55% German plants using robots in 2018. (2) The distribution of robots is highly skewed. (3) New robot adopters contribute substantially to the recent robotisation. (4) Robot users are exceptional along several dimensions of plant-level characteristics. (5) Heterogeneity in robot types matters. Our regression results further suggest plant size, low-skilled labour share, and exporter status to have strong and positive effect on future probability of robot adoption. Manufacturing plants impacted by the introduction of minimum wage in 2015 are also more likely to adopt robots. However, controlling for plant size, we find that plant-level productivity has no, if not negative, impact on robot adoption.
    Description: This Draft: January 2021
    Keywords: ddc:330 ; J24 ; O14 ; O33 ; robots ; robot adoption ; automation ; labour ; productivity ; plant-level
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 25
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    Frankfurt a. M.: Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS)
    Publication Date: 2021-01-15
    Description: With the COVID-19 pandemic, the intense debate about secular stagnation will become even more important. Empirical estimates of equilibrium real interest rates are so far mostly limited to advanced economies, since no statistical procedure suitable for a large set of countries is available. This is surprising, as equilibrium rates have strong policy implications in emerging markets and developing economies as well; current estimates of the global equilibrium rate rely on only a few countries; and estimates for a more diverse set of countries can improve understanding of the drivers. This paper proposes a model and estimation strategy that decompose ex ante real interest rates into a permanent and transitory component even with short samples and high volatility. This is done with an unobserved component local level stochastic volatility model, which is used to estimate equilibrium rates for 50 countries with Bayesian methods. Equilibrium rates were lower in emerging markets and developing economies than in advanced economies in the 1980s, similar in the 1990s, and have been higher since 2000. In line with economic integration and rising global capital markets, synchronization has been rising over time and is higher among advanced economies. Equilibrium rates of countries with stronger trade linkages and similar demographic and economic trends are more synchronized.
    Keywords: ddc:330 ; E52 ; E43 ; C32 ; equilibrium interest rate ; stochastic volatility ; Bayesian inference ; synchronization
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 26
    Publication Date: 2021-01-15
    Description: We document a long-lasting association between a common societal phenomenon, early-life family disruption, and investment behavior. Controlling for socioeconomic status and family background, we find fund managers who experienced the death or divorce of their parents during childhood exhibit a stronger disposition effect, take lower risk, and are more likely to sell their holdings following risk-increasing firm events. The results are consistent with persistent symptoms of post-traumatic stress and strengthen as treatment intensifies. The evidence adds to our understanding of the role of social factors and "nurture" in finance as well as the origin of investment biases.
    Description: January 2021
    Keywords: ddc:330 ; G11 ; G23 ; G41 ; Disposition effect ; Family disruption ; Feelings ; Formative experience ; Investor behavior ; Risk-taking ; Social finance
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 27
    Publication Date: 2021-01-13
    Description: Auf dem Weg zu einer ressourceneffizienten Gesellschaft bedarf es richtiger Rahmenbedingungen, Informationen und Handlungsalternativen. Eine Möglichkeit, diese Voraussetzungen zu schaffen, ist ein kommunales Zero-Waste-Konzept. Zero Waste lässt sich übersetzen mit "Null Abfall, null Verschwendung" und verfolgt das Ziel, möglichst wenig Abfall zu produzieren sowie effizient und sparsam mit Ressourcen umzugehen. Ein solches Konzept wie in Kiel ist die Basis für eine Zertifizierung als Zero Waste City, eine Auszeichnung, die der europäische Verein Zero Waste Europe vergibt. 2007 wurde die italienische Gemeinde Capannori zur ersten Zero Waste City in Europa erklärt, seitdem sind knapp 400 europäische Gemeinden dieser Bewegung gefolgt.
    Keywords: ddc:330
    Repository Name: Wuppertal Institut für Klima, Umwelt, Energie
    Language: German
    Type: contributiontoperiodical , doc-type:contributiontoperiodical
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  • 28
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    London: Taylor & Francis | Kiel, Hamburg: ZBW - Leibniz Information Centre for Economics
    Publication Date: 2021-01-13
    Description: The COVID-19 pandemic has amplified longstanding concerns about mounting levels of corporate debt in the United States. This article places the current conjuncture in its historical context, analysing corporate indebtedness against the backdrop of increasing corporate concentration. Theorising leverage as a form of power, we find that the leverage of large non-financial firms increased in recent decades, while their debt servicing burdens decreased. At the same time, smaller firms experienced sharp deleveraging alongside increasing debt servicing costs. Crucially, smaller corporations also registered severe losses over this period, while large corporations remained profitable, and in fact doubled their net profit margins from the early-1990s to the present. Taken together, the results from our mapping exercise uncover a series of dramatic changes in the financial fortunes of large versus smaller firms in recent decades, a phenomenon we refer to as the great debt divergence. We explain this divergence with reference to the dynamics of power in the era of ‘shareholder capitalism’, and we argue that the US political economy in the post-COVID 19 world is likely to resemble the pre-COVID 19 one, only with more market turmoil, more concentration, more inequality, and even less investment.
    Keywords: ddc:330 ; P16 ; H63 ; G3 ; capital as power ; corporate concentration ; Covid-19 crisis ; debt ; leverage
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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    Frankfurt a. M.: Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS)
    Publication Date: 2021-01-15
    Description: Central banks sometimes evaluate their own policies. To assess the inherent conflict of interest, we compare the research findings of central bank researchers and academic economists regarding the macroeconomic effects of quantitative easing (QE). We find that central bank papers report larger effects of QE on output and inflation. Central bankers are also more likely to report significant effects of QE on output and to use more positive language in the abstract. Central bankers who report larger QE effects on output experience more favorable career outcomes. A survey of central banks reveals substantial involvement of bank management in research production.
    Keywords: ddc:330 ; A11 ; E52 ; E58 ; G28
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 30
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    Köln: Bundesanzeiger-Verlag
    Publication Date: 2021-01-14
    Description: Der Zugelassene Wirtschaftsbeteiligte (AEO) wurde mit Wirkung vom 1. Januar 2008 geschaffen. Zwölf Jahre sind vergangen, nach denen es nun erneut gilt, eine Zwischenbilanz zu ziehen (die zweite Kurzbilanz) - wurden die Erwartungen und Antragszahlen erreicht, was gibt es an Neuerungen und welche Tendenzen sind erkennbar? Erneut werden neben den Zahlen für die EU-27/28 auch die Zahlen für Norwegen und die Schweiz dargestellt, obwohl die AEO-Zahlen in beiden Ländern weiter bescheiden sind. Die Anzahl der AEO-Bewilligungen stagniert in einigen Mitgliedstaaten, während in anderen die Zahl stark ansteigt. Die Entwicklungen in dieser Spätphase der AEO-Bewilligung sind dynamisch und teilweise überraschend aber oft schwankend, gegenläufig und nicht eindeutig. Aber ist es wirklich die Spätphase? Eine detaillierte Analyse der Erteilungsraten für 2019 deutet in manchen Mitgliedstaaten auf eine neue Erteilungswelle hin - dazu gehören Dänemark, Litauen, Rumänien und erneut Großbritannien sowie Irland (im Hinblick auf den Brexit ein deutliches Bekenntnis der britischen Wirtschaft für den Außenhandel und die Sicherheit der Lieferkette)! Großbritannien springt 2019 erstmals auf Rang 5 der AEO-Rangliste. Der Brexit brachte somit einen neuen AEO-Schub (v.a. im UK und in Irland). Ein Ausblick auf den Ende Januar 2020 vollzogenen geregelten Brexit und die Auswirkungen auf die AEO-Bewilligung wird gegeben.
    Description: Zweitveröffentlichung im kostenlosen AW-Serviceguide 2021. Erstveröffentlichung in der AW-Prax 4/2020, S. 148-153
    Keywords: ddc:330 ; K33 ; K34 ; Zollrecht ; Unionsrecht ; Unionszollkodex ; Sichere Lieferkette
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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    Kiel, Hamburg: ZBW - Leibniz Information Centre for Economics
    Publication Date: 2021-01-14
    Description: While demand side response is recognized as a useful tool in reducing the costs of integration of variable renewables, literature on demand side measures in the developing countries has been limited due to lack of publicly available data on system level end use load profiles. This article fills the gap by evaluating agricultural pumping demand as demand side resource in India. Enabled by the system of segregated power supply for irrigation, pumping load has long been used to flatten the load curve but its value to the system resource has largely been ignored. We collected data on hourly supply to 123 agriculture groups in two distribution utilities in the Indian state of Gujarat for one year and used the derived agriculture supply curves in a production cost optimization power model. We estimate that agriculture demand responds reduces the cost of grid operations by up to 6% in the current system. By suitably modifying the agriculture pumping load the cost of integrating up to 50% of renewable energy is reduced and curtailment is reduced by 3-6%. Decentralized agricultural pumps can reduce the cost of integrating and curtailment by enabling absorption of peak solar energy. We conclude that in power systems with moderate to high shares of agricultural demand, agricultural demand response can provide a cost-effective way of integrating high shares of renewable electricity. Further, even though decentralized systems may require higher feed-in-tariffs, replacing agricultural pumps dependent on centralised supply with decentralized agricultural pumps is more effective in integrating solar electricity as compared to centralized solar power plants besides having benefits for ground water conservation.
    Keywords: ddc:330 ; energy ; demand response
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 32
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    Toronto: The Bichler and Nitzan Archives
    Publication Date: 2021-01-14
    Description: The theory of capital as power (CasP) is radically different from conventional political economy. In the conventional view, mainstream as well as heterodox, capital is seen a 'real' economic entity engaged in the production of goods and services, and capitalism is thought of as a mode of production and consumption. Finance in this approach is either a mere reflection/lubricant of the real economy (the mainstream view), or a parasitic fiction (the heterodox perspective). CasP rejects this framework. Capital, it argues, is not a productive economic entity, but a symbolic representation of organized societal power writ large, and capitalism should be analysed not as a mode of production and consumption, but as a mode of power. In this approach, finance is neither a reflection nor a fiction, but the symbolic language that organizes and creorders - or creates the order of - capitalized power. These are foundational claims. They go to the very heart of political economy, and they have far-reaching implications. So far-reaching, in fact, that if we accept them, we must rewrite, often from scratch, much of the theory, history and possible futures of the capitalist order. Many have complained about CasP being aloof. Our approach, they have argued, insists on being 'right' - to the exclusion of all others. It shows no interest in 'building bridges'. It dismisses neoclassical liberalism altogether, and although sometimes sympathetic to Marx, it aims not to revise Marxism, but to discard it altogether. In this research note - excerpted and revised from our 2020 invited-then-rejected interview with Revue de la regulation - we explain the basis for these complaints and why CasP and conventional political economy cannot be easily bridged. Stated briefly, the problem is not unwillingness but built-in barriers. As it stands, political economy cannot accept capital as power. Its very foundations prevent it from doing so.
    Keywords: ddc:330 ; P16 ; D46 ; C18 ; capital as power ; Marxism ; neoclassical economics ; political economy ; power ; value
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 33
    Publication Date: 2021-01-14
    Description: This paper calls for an increased discourse between Fridays for Future and representatives of business. Fridays for Future play a key role in educating the public and raising awareness of scientific reports, such as the Intergovernmental Panel on Climate Change (IPCC) assessment, which demonstrate the urgency with which we must tackle climate change. This is important to gain world attention on pressing questions of our time. At the same time, it is crucial to examine the main drivers in our socio-economic system to understand that the spread of information alone is insufficient to bring fundamental change. Human behaviour remains propelled by both the quest for prosperity and the call for a fair and sustainable economic system. We need to understand how to expand our economy in a sustainable way, how business can foster sustainable innovations and how to motivate consumers to support companies by buying green products. Companies are the necessary key for green innovations. These innovations are only as strong as their demand. Concern about the environment has widely spread in our society. At the same time this concern is not always translated into our actions. Behavioural Economics integrates psychological insights of human behaviour into economic theory and shows us solutions how to overcome the attitude-behavior-gap. Our aim is to work out how behavioural economics can be used to support environmentally friendly practices with incentives. All of our purchase decisions are influenced by cognitive biases. It is estimated that 40 percent of our day-to-day decisions are based on habits. The status quo bias or the discounting of future value often hinder pro-environmental behaviour. Therefore, purely apportioning blame will not result in changes. Instead, an adjustment of the framework through restructuring incentives to overcome biases can as a piece of the puzzle help to achieve the change required. Through the recognition of human "defaults" these can then be harnessed to nudge green actions. Similarly, the individual structural pursuit of profit can be channelled towards green growth. Through the spread of information and effective incentives, we can spark innovations which defuse tensions between economic growth and environmental protection, facilitating sustainable development.
    Keywords: ddc:330 ; F64 ; Q56 ; Q58 ; Umweltmanagement ; Nachhaltige Entwicklung ; Nudge
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 34
    Publication Date: 2021-01-14
    Description: This paper examines the impact of terrorism on voting behavior in the United States. We rely on an exhaustive list of terror attacks over the period 1970-2016 and exploit the inherent randomness of the success or failure of terror attacks to identify the political impacts of terrorism. We first confirm that the success of terror attacks is plausibly random by showing that it is orthogonal to potential confounders. We then show that on average successful attacks have no effect on presidential and non-presidential elections. As a benchmark, we also rely on a more naïve identification strategy using all the counties not targeted by terrorists as a comparison group. We show that using this naïve identification strategy leads to strikingly different results overestimating the effect of terror attacks on voting behavior. Overall, our results indicate that terrorism has less of an in uence on voters than is usually thought.
    Keywords: ddc:330 ; D72 ; D74 ; terrorism ; voting behavior
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 35
    Publication Date: 2021-01-14
    Description: We investigate the impact of removals under the Secure Communities (SC) program on the marriage patterns of immigrant women living in the U.S. where endogamous marriage is the dominant form of partnership. We focus on enforcement by MSA and country of origin and find evidence that deportations increase overall marriage rates, increase the likelihood of endogamous marriage, decrease rates of exogamous marriage to immigrants from other countries and have indeterminate effects on marriage to natives. When examining channels for behavioral responses, we find evidence pointing towards the desire to mitigate the risk of deportation through the increased importance of networks.
    Keywords: ddc:330 ; J13 ; J15 ; K37 ; Immigration Enforcement ; Marriage ; Endogamy ; Secure Communities
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 36
    Publication Date: 2021-01-14
    Description: This chapter provides the historical context for the past half-century in Europe focusing specifically on the link between migration and economic development and inequality. The literature review suggests that there are several channels through which migration affects economic inequality between countries in one or the other direction. The net effects are an open empirical question and are likely to depend on the economic, demographic and institutional and policy contexts; sources, types and selectivity of migration, as well as responses of the receiving societies as well as migrants themselves. We undertake an empirical analysis and find that immigration has contributed to reducing inequality within the 25 EU countries over the 2003-2017 period. As the EU attracted relatively highly qualified immigrants throughout this period, our results are consistent with the ameliorating effect of skilled migration on within-country inequality, as predicted by theory.
    Keywords: ddc:330 ; D31 ; D60 ; O15 ; immigration ; inequality ; labour mobility ; income distribution ; EU enlargement
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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    Berlin: Hochschule für Wirtschaft und Recht Berlin, Institute for International Political Economy (IPE)
    Publication Date: 2021-01-14
    Description: This paper offers an analysis and critique of the Green Industrial Revolution proposed by the Labour Party in 2019. It identifies this policy as a variant of the Keynesian Green New Deal, which has been interpreted favourably by many socialists as a programme for climate stabilisation and an ecologically restorative, egalitarian organisation of the economy. The Green Industrial Revolution pointed towards a hybrid mixed economy whose main features would have been state policy orientation towards and large investments in renewables, efficiencies and retrofitting; as well as a renewed public sector and reforms to corporate ownership. This was predicated on a contradictory policy of green growth. On the contrary, this paper develops a concept of the critical energy constraints to growth, which highlights how, in terms of its focus on "the national economy" and aversion to major infrastructural changes to reduce energy use, Labour's programme was insufficient. Nonetheless, its openings and advantages are considered alongside and in light of these contradictions. They suggest the need for economic and ecological policies that recognise both the critical energy constraints to growth and the antagonistic relation between capital and labour internationally.
    Keywords: ddc:330 ; Q58 ; Q43 ; F52 ; B51 ; Alternative Ökonomie ; Energiewende ; Sozialdemokratische Partei ; Keynesianismus ; Großbritannien
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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    Essen: Global Labor Organization (GLO)
    Publication Date: 2021-01-09
    Description: While most civil wars seem to have an economic basis, they are generally pushed by political, ethnic, and religious differences. This paper attempts to identify the drivers of the Syrian civil war of 2011 by investigating the role of ethnic divisions in starting a conflict. We integrate a variety of variables such as excluded population, power-sharing, anocracy, ethnic groups in addition to a number of economic factors. The main results indicate that ethnicity does not seem to be a very important factor in starting both the civil and ethnic conflict in Syria, but it shows that the lack of power-sharing to be the most significant factor. Therefore, where power in Syria was not inclusive and shared among different demographic segments, such as religious or urban groups, it created upheavals between different groups, as some groups disidentify with the state, paving the way to causing the conflict. Economic factors also provide an explanation of the onset of conflicts in Syria. The paper offers detailed policy suggestions that could serve as a recovery mechanism for the Syrian crisis and a preventive measurement for its reoccurrence.
    Keywords: ddc:330 ; D74 ; F51 ; H56 ; Armed Conflicts ; Ethnic Conflicts ; Ethnic Groups ; Power-Sharing ; Syria
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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    Kiel, Hamburg: ZBW - Leibniz Information Centre for Economics
    Publication Date: 2021-01-09
    Description: The global crisis and the reactions of countries to the crisis did not spread the 1930's weather conditions. This situation caused relief. However, it does not provide for policies that will slow down globalization and growth. The worldwide creeping has led to increased protectionism and more crises. New protectionism models are not similar to the developments in the 1970s and 1980s rather than the 1930s. Domestic crisis interventions in the capital and product markets and the return of America eventually led to the emergence of more defensive trade policies.
    Keywords: ddc:330 ; Economic Crisis ; Trade Policies ; Protectionism ; Keynesian Economy
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 40
    Publication Date: 2021-01-09
    Description: Consumption rivalry generates variation in the choice sets decision-makers face. Not taking into account such variation may generate biased demand estimates. It remains unclear how this impacts estimation accuracy because researchers often lack information on temporal variation in product availability. This paper uses information on the exact set of available alternatives at the time of choosing to formulate time-variant deterministic constraints. In an application to the market for public charging infrastructure for electric vehicles, I show that incorporating this information significantly improves the out-of-sample forecasting accuracy of individual choice and hence the aggregate demand estimates for local charging facilities.
    Keywords: ddc:330 ; H23 ; H42 ; H54 ; Q41 ; Q48 ; Discrete choice ; Preference estimation ; Consumption rivalry ; Electric Vehicles
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 41
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    Kiel, Hamburg: ZBW - Leibniz Information Centre for Economics
    Publication Date: 2021-01-09
    Description: This paper examines the welfare impact of hosting refugees in Ethiopia, one of the largest refugee-hosting countries worldwide. The findings reveal different implications depending on the type of household welfare metric. While reducing consumption expenditure per capita and increasing the probability of falling into consumption poverty, it has no effect on wealth and the status of wealth poverty. Decomposing consumption expenditure per capita into food, education, and other non-food components, the results further reveal that it alters the composition of consumption, as it solely affects food consumption expenditure. The consumption effects prevail in rural areas with no effects in urban centers while no heterogeneity is found concerning wealth and wealth poverty results. Key mechanisms explaining the adverse consumption effects include displacement of hosts from salaried employment and a spike in prices of agricultural inputs but not changes in the extent of societal cooperation.
    Keywords: ddc:330 ; O12 ; O15 ; E24 ; Z13 ; Refugees ; Consumption ; Wealth ; Poverty ; Employment ; Price ; Cooperation
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 42
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    Kiel, Hamburg: ZBW - Leibniz Information Centre for Economics
    Publication Date: 2021-01-12
    Description: Basically the current study sought to assess the perception of students regarding the role of teacher communication skills in their academics success. Comprehensive questionnaire carrying information including communication skills aspects of the study were designed to achieve the set objectives. Communication skill is the ability to convey and share information with others in an efficacious way. It is a very vital skill and used widely in all work sectors. Communication is an important skill for every modern student to master. Advances in digital media, changing career landscapes, and greater competition in colleges and workplaces makes improving student communication skills a must. In any education system, teacher’s quality is the most important factor influencing student’s scholastic achievement. Teacher’s quality plays a pivotal and decisive role in students’ academic progress. These qualities are quantified by their skills, knowledge, and qualifications.
    Keywords: ddc:330 ; Professional Development ; Teacher Education ; Communication Skills
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 43
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    Düsseldorf: Düsseldorf Institute for Competition Economics (DICE)
    Publication Date: 2021-01-12
    Description: We study whether and how parents interfere paternalistically in their children's intertemporal decision-making. Based on experiments with over 2,000 members of 610 families, we find that parents anticipate their children's present bias and aim to mitigate it. Using a novel method to measure parental interference, we show that more than half of all parents are willing to pay money to override their children's choices. Parental interference predicts more intensive parenting styles and a lower intergenerational transmission of patience. The latter is driven by interfering parents not transmitting their own present bias, but molding their children's preferences towards more time-consistent choices.
    Keywords: ddc:330 ; C90 ; D1 ; D91 ; D64 ; J13 ; J24 ; O12 ; Parental paternalism ; Time preferences ; Convex time budgets ; Present bias ; Intergenerational transmission ; Parenting styles ; Experiment
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 44
    Publication Date: 2021-01-16
    Description: Sovereign debt crises are difficult to solve. This paper studies the "holdout problem", meaning the risk that creditors refuse to participate in a debt restructuring. We document a large variation in holdout rates, based on a comprehensive new dataset of 23 bond restructurings with external creditors since 1994. We then study the determinants of holdouts and find that the size of creditor losses (haircuts) is among the best predictors at the bond level. In a restructuring, bonds with higher haircuts see higher holdout rates, and the same is true for small bonds and those issued under foreign law. Collective action clauses (CACs) are effective in reducing holdout risks. However, classic CACs, with bond-by-bond voting, are not sufficient to assure high participation rates. Only the strongest form of CACs, with single-limb aggregate voting, minimizes the holdout problem according to our simulations. The results help to inform theory as well as current policy initiatives on reforming sovereign bond markets.
    Keywords: ddc:330 ; F34 ; G15 ; H63 ; K22 ; Sovereign default ; debt restructuring ; international financial architecture ; creditor Coordination
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 45
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    Göttingen: Volkswirtschaftliches Institut für Mittelstand und Handwerk an der Universität Göttingen (ifh)
    Publication Date: 2021-01-16
    Description: Die vorliegende Studie untersucht die ökonomische Reaktion des Handwerks in Baden-Württemberg auf die Corona-Krise anhand von mehreren Indikatoren. Betrachtet werden zum einen die Ein- und Austragungsdynamik in die Handwerkskammerverzeichnisse während der Corona-Krise und in Vergleichszeiträumen, die Altersstruktur sowie Eintragungsgründe. Zum anderen erfolgt eine Betrachtung der Gründungsfinanzierung in Deutschland und eine Analyse der Gründungsunterstützung in Baden-Württemberg sowie eine Betrachtung der Entwicklung der Meisterkurse und der erwarteten Absolventenzahlen. Auf Basis dieser Indikatoren zur Wirkung der Corona-Krise können Rückschlüsse auf Gründungen und Betriebsübernahmen im Handwerk in Baden-Württemberg gezogen werden.
    Keywords: ddc:330 ; Betriebsaufgaben ; Betriebsgründungen ; Corona-Krise ; Gründungsfinanzierung ; Handwerk ; Konjunktur ; Meisterkurse
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 46
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    Geneva: World Trade Organization (WTO)
    Publication Date: 2021-01-16
    Description: On the occasion of the 25th anniversary of the WTO, this paper re-estimates the impact of WTO accession on growth. Joining the multilateral trading system not only expands access to international markets but also requires commitment to domestic reforms. Tang and Wei (2009) showed that there is in fact a positive effect of WTO on growth also during the period of accession when these commitments are undertaken. In this paper, we extend Tang and Wei's analysis to the sample of 32 newly acceded countries. We find that WTO accession is associated with a significant positive increase in GDP growth. This effect is larger than previously estimated. We find that five years after accession an economy is 30% larger, and that the impact of WTO entry on growth persists beyond the first five years.
    Keywords: ddc:330 ; F1 ; Dynamic gains from trade ; economic growth ; trade liberalization ; newly acceded countries ; Article XII countries
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 47
    Publication Date: 2021-01-21
    Description: Does the COVID-19 pandemic cause people unhappy? In this study, we use a recent survey from China, Japan, South Korea, Italy, the United Kingdom and the United States to explore this question. We find a relatively large effect: a one per-mille point increase in the incidence of the COVID-19 cases increases the probability of unhappiness by 0.002. Possibly channels through which the COVID-19 pandemic causes unhappiness are negative effects on economic outcomes and social interactions of people. We also find that more disadvantaged people including poor, rural, female and older people are more likely to be affected by the pandemic.
    Keywords: ddc:330 ; I30 ; J18 ; J24 ; COVID-19 ; happiness ; life satisfaction ; income loss ; job loss
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 48
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    Essen: RWI - Leibniz-Institut für Wirtschaftsforschung
    Publication Date: 2021-01-21
    Description: Die Bereitschaft, freiwillige Zahlungen zum Ausgleich von CO2-Emissionen zu leisten, etwa bei Flügen, hat in den vergangenen Jahren erheblich zugenommen. Eine Möglichkeit, diese Kompensationsbereitschaft weiter zu erhöhen, besteht in der Aktivierung einer sozialen Norm, indem darauf aufmerksam gemacht wird, dass ein Emissionsausgleich gesellschaftlich erwünscht ist. Vor diesem Hintergrund untersucht dieser Beitrag die Bereitschaft, die durch Flugreisen verursachten CO2-Emissionen durch den Kauf von Ausgleichszertifikaten zu kompensieren anhand eines diskreten Entscheidungsexperimentes, das in eine Erhebung aus dem Jahr 2019 eingebettet wurde. Dabei wurde eine soziale Norm in zufälliger Weise vorgegeben, ebenso wie eine von drei Kompensationshöhen von 5, 10 oder 15 Euro. Im Ergebnis zeigt sich, dass 57,0% der Probanden sich dafür entscheiden, die Emissionen eines künftig anstehenden Fluges auszugleichen. Hierbei gibt es nur geringe, statistisch nicht signifikante Unterschiede zwischen der Gruppe, die mit einer sozialen Norm konfrontiert wurde, und der Kontrollgruppe. Auch die Kompensationshöhe scheint keinen statistisch signifikanten Einfluss auf die Kompensationsbereitschaft zu haben, möglicherweise weil die Unterschiede in den Kompensationshöhen gering sind.
    Keywords: ddc:330 ; D12 ; C25 ; Diskretes Entscheidungsexperiment ; Panelerhebung ; Klimawandel
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 49
    Publication Date: 2021-01-21
    Description: In this paper we use two different non-parametric methods to disentangle the role of Great Recession on income polarization in Italy by population groups (gender, occupational status, education, age, residential area and state of birth). By using data from the Survey on Household Income and Wealth of the Bank of Italy, first, we decompose the Duclos, Esteban and Ray polarization index by population groups. Second, we employ the Relative Distribution Approach by groups. Our results show a general downgrading, particularly of lower incomes, where low-educated, young, southern and foreign head of household are located out of the crisis. Young people and especially foreigners have suffered the most from the crisis. The lowest (highest) homogeneity within groups and the lowest (highest) heterogeneity between groups is observed when groups are formed on the basis of the state of birth (residential area).Thus, the decomposition of the polarization indices by population groups is able to provide specific useful policy indications, tailored to groups' needs.
    Keywords: ddc:330 ; D3 ; J3 ; C14 ; Polarization ; Non-parametric method ; Decomposition ; Relative distribution ; Income distribution ; Great Recession
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 50
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    Frankfurt a. M.: Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS)
    Publication Date: 2021-01-21
    Description: We embed human capital-based endogenous growth into a New-Keynesian model with search and matching frictions in the labor market and skill obsolescence from long-term unemployment. The model can account for key features of the Great Recession: a decline in productivity growth, the relative stability of inflation despite a pronounced fall in output (the "missing disinflation puzzle"), and a permanent gap between output and the pre-crisis trend output. In the model, lower aggregate demand raises unemployment and the training costs associated with skill obsolescence. Lower employment hinders learning-by-doing, which slows down human capital accumulation, feeding back into even fewer vacancies than justified by the demand shock alone. These feedback channels mitigate the disinflationary effect of the demand shock while amplifying its contractionary effect on output. The temporary growth slowdown translates into output hysteresis (permanently lower output and labor productivity).
    Keywords: ddc:330 ; endogenous growth ; search and matching ; unemployment ; nominal rigidity ; output hysteresis ; monetary policy
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 51
    Publication Date: 2021-01-21
    Description: We report the results of an experiment on norm violation, specifically lying, in a repeatedly played mind game with Syrian refugees in Jordan and in Germany. We compare their behavior with Jordanians, Germans, and Syrians who still live in Syria. The average number of lies is amazingly similar - and low - across all five samples. However, the lying patterns of Syrian refugees are very different from non-refugee participants in Germany, Jordan, and Syria itself. After having lied once, refugee participants resort to a "never return"- pattern significantly more often than the nonrefugee participants. A closer look at the socio-demographic characteristics of our Syrian refugee participants reveals that lying is associated with higher age and gender, while a longer stay in the host country is positively correlated with a lower likelihood of reporting extreme numbers of matches.
    Keywords: ddc:330 ; C93 ; D01 ; 015 ; Civil war ; experimental economics ; honesty ; lying ; psychological distress
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 52
    Publication Date: 2021-01-19
    Description: With the second wave of the Covid-19 pandemic in full swing, banks face a challenging environment. They will need to address disappointing results and adverse balance sheet restatements, the intensity of which depends on the evolution of the euro area economies. At the same time, vulnerable banks reinforce real economy deficiencies. The contribution of this paper is to provide a comparative assessment of the various policy responses to address a looming banking crisis. Such a crisis will fully materialize when non-performing assets drag down banks simultaneously, raising the specter of a fullblown systemic crisis. The policy responses available range from forbearance, recapitalization (with public or private resources), asset separation (bad banks, at national or EU level), to debt conversion schemes. We evaluate these responses according to a set of five criteria that define the efficacy of each. These responses are not mutually exclusive, in practice, as they have never been. They may also go hand in hand with other restructuring initiatives, including potential consolidation in the banking sector. Although we do not make a specific recommendation, we provide a framework for policymakers to guide them in their decision making.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 53
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    Göttingen: University of Göttingen, Center for European, Governance and Economic Development Research (cege)
    Publication Date: 2021-01-19
    Description: Self-employment contributes to employment growth and innovativeness and many individuals want to become self-employed due to the autonomy and exibility it brings. Using "subjective well-being" as a broad summary measure that evaluates an individual's experience of being self-employed, the chapter discusses evidence and explanations why self-employment is positively associated with job satisfaction, even though the self-employed often earn less than their employed peers, work longer hours and experience more stress and higher job demands. Despite being more satisfied with their jobs, the self-employed do not necessarily enjoy higher overall life satisfaction, which is due to heterogeneity of types of self-employment, as well as motivational factors, work characteristics and institutional setups across countries.
    Keywords: ddc:330 ; L26 ; J24 ; J28 ; self-employment ; entrepreneurship ; subjective well-being ; job satisfaction ; lifesatisfaction
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 54
    Publication Date: 2021-01-19
    Description: This paper examines the world wheat market leadership using price discovery occurring in wheat futures markets of the United States (U.S.) and Europe. An error correction model (ECM) generalized autoregressive conditional heteroskedasticity (GARCH), and semi-parametric dynamic copula methods are used for this purpose. The results indicate a positive link between U.S. and Europe price discovery which is stronger, fluctuating less after August 2010 because of a drought occurring in the Black Sea region, and then lessens, fluctuating more after 2015 with the changing wheat trade map. Furthermore, after 2015, wheat market leadership moved from the U.S. to the European market, meaning price discovery is primarily located by the Marché à Terme International de France (MATIF) futures market.
    Keywords: ddc:330 ; price discovery ; wheat market leadership ; error correction model-GARCH ; cointegration analysis ; dependence analysis ; semi-parametric copula
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 55
    Publication Date: 2021-01-19
    Description: The study investigates how the agricultural sector can respond to a growing non-food biomass demand. Taking Germany as an example, a stylized case of biomass production under conditions of technological advance and constantly growing demand is modelled. It is argued that biomass producers might seek to adjust their farm size by simultaneously optimizing benefits from the production scale and transaction cost savings, where transaction costs are measured using Data Envelopment Analysis. The results extend the debate on transaction costs and structural change in agriculture by revealing a possible synergy and trade-off between transaction cost savings and benefits from (dis)economies of scale. They show that if larger farms cannot economize on transaction costs, then investments in land and labor, needed to adjust to higher biomass demand, partly compromise the returns to scale, which decelerates the farm size growth. A higher degree of asset specificity gives rise to transaction costs and reduces the rate at which the farm size decreases. Smaller producers may disproportionally benefit from their higher potential of transaction cost savings, if advanced technologies can offset the scale advantage of larger farms. The findings inform policymakers to consider this complex effect when comparing the opportunities of smaller and larger agricultural producers in the bioeconomy.
    Keywords: ddc:330 ; agricultural biomass ; Data Envelopment Analysis ; economies of scale ; Germany ; optimal farm size ; transaction costs
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 56
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    Vienna: Institut für Höhere Studien - Institute for Advanced Studies (IHS)
    Publication Date: 2021-01-19
    Description: We develop an econometric modelling framework to forecast commodity prices taking into account potentially different dynamics and linkages existing at different states of the world and using different performance measures to validate the predictions. We assess the extent to which the quality of the forecasts can be improved by entertaining different regime-dependent threshold models considering different threshold variables. We evaluate prediction quality using both loss minimization and profit maximization measures based on directional accuracy, directional value, the ability to predict adverse movements and returns implied by a trading strategy. Our analysis provides overwhelming evidence that allowing for regime-dependent dynamics leads to improvements in predictive ability for the Goldman Sachs Commodity Index, as well as for its five sub-indices (energy, industrial metals, precious metals, agriculture, livestock). Our results suggest the existence of a trade-off between predictive ability based on loss and profit measures, which implies that the particular aim of the prediction exercise carried out plays a very important role in terms of defining which set of models is the best to use.
    Keywords: ddc:330 ; Q02 ; C53 ; F47 ; Commodity prices ; forecasting ; threshold models ; forecast performance ; states of economy
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 57
    Publication Date: 2021-01-19
    Description: While the rural exodus dominates public and scientific debates, considerably less attention has been given to studying why the overwhelming majority of people worldwide remain immobile. As a consequence of this, the reasons why people stay, especially in economically weaker rural areas, are still not fully understood. This paper aims to contribute to closing this gap by addressing the question of why rural people stay put despite inter-regional welfare. Based on the Theory of Planned Behaviour (TPB) we model staying intentions of villagers in rural Kazakhstan, where many people leave toward urban areas. Our model focuses on staying behaviour, but explicitly includes the leave option as the alternative to staying, as well as both staying and leaving barriers. We apply a cutting edge partial least square structural equation model. Our study reveals the existence of an interaction between staying and leaving barriers. Thus, any policies reducing rural-urban migration barriers have a multiplier effect as people view staying as comparatively more difficult when leaving becomes easier. We further show that existing positive narratives of urban life weaken staying intentions. However, the strongest factor slowing rural exodus is not related to the rural economy, but to the future prossspects of children, including access to high-quality educational institutions in close proximity.
    Keywords: ddc:330 ; Central Asia ; Kazakhstan ; Migration ; Non-migration ; Theory of Planned behaviour ; Partial least square modelling
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 58
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    Vienna: Institut für Höhere Studien - Institute for Advanced Studies (IHS)
    Publication Date: 2021-01-19
    Description: In this paper, we study the relative importance of demand and technology shocks in generating business cycle fluctuations, both at the aggregate level and at the level of individual industries. We construct a New Keynesian DSGE model that is highly disaggregated at the industry level with an input-output network structure. Measured productivity in the model fluctuates in response to both technology and demand shocks due to endogenous factor utilization. We estimate the model by the simulated method of moments using U.S. industry data from 1960 to 2005. We find that the aggregate technology shock has zero variance. Exogenous shocks to technology are necessary for our model to fit the data, but these shocks are exclusively industry-specific, uncorrelated across industries. The bulk of the aggregate fluctuations, including those in aggregate measured productivity, are explained through shocks to aggregate demand. This shock structure is supported by a host of information from the disaggregate data. Our second finding is that about half of the decrease in the cyclicality of measured productivity in the U.S. after the mid-1980s can be explained by the reduction in the size of demand shocks, in line with the narrative of the great moderation.
    Keywords: ddc:330 ; E32 ; E24 ; E37 ; business cycles ; productivity ; industries ; factor utilization ; input-output linkages ; networks
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper