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91.
We analyze the decision whether to participate and where and what to study in a public system of higher education, based on a unique dataset of all eligible high school pupils in an essentially closed region (Flanders). We find that pupils perceive the available institutions and programs as close substitutes relative to the outside option. This implies an ambiguous role for travel costs: they hardly affect the participation decision, but have a strong impact on the decision where and what to study. To illustrate how our empirical results can inform the debate on reforming public systems, we assess the effects of tuition fee increases. Uniform cost‐based tuition fee increases achieve most of the welfare gains; the additional gains from fee differentiation are relatively limited. These welfare gains are quite large under conservative assumptions on the social cost of public funds, and there is a substantial redistribution from students to outsiders. Copyright © 2009 John Wiley & Sons, Ltd. 相似文献
92.
The financial crises of the 1990s triggered many changes to the design of the international financial system. We use the formulation of the new Basle capital accord for banks (B‐II) to illustrate that, while much affected, developing countries have had very little influence on this so‐called new international financial architecture. We argue that B‐II has been formulated largely to serve the interests of powerful market players, with developing countries being left out. At the same time, we demonstrate that B‐II is likely to raise the costs and reduce the supply of external financing for developing countries in particular. Furthermore, and importantly, B‐II may well increase the pro‐cyclicality of external financing, an unfortunate outcome given that developing countries already face much volatility in terms of capital flows. Overall, while B‐II may indeed compensate for a range of weaknesses of Basle I, the exclusionary policy process and costs which B‐II imposes on developing countries require a re‐think of the way in which crucial elements of financial governance, such as the Basle capital accords, are developed and implemented. 相似文献
93.
94.
Enforcement and Good Corporate Governance in Developing Countries and Transition Economies 总被引:2,自引:0,他引:2
More than regulations, laws on the books, or voluntary codes,enforcement is key to creating an effective business environmentand good corporate governance, at least in developing countriesand transition economies. A framework is presented to help explainenforcement, the impact on corporate governance when rules arenot enforced, and what can be done to improve corporate governancein weak enforcement environments. The limited empirical evidencesuggests that private enforcement tools are often more effectivethan public tools. However, some public enforcement is necessary,and private enforcement mechanisms often require public lawsto function. Private initiatives are often also taken underthe threat of legislation or regulation, although in some countriesbottom-up, private-led initiatives preceded and even shapedpublic laws. Concentrated ownership aligns incentives and encouragesmonitoring, but it weakens other corporate governance mechanismsand can impose significant costs. Various steps can be takento reduce these costs and reinforce other corporate governancemechanisms. But political economy constraints, resulting fromthe intermingling of business and politics, often prevent improvementsin the enforcement environment and the adoption and implementationof public laws. 相似文献
95.
This article reviews the evidence on the importance of financefor economic well-being. It provides data on the use of basicfinancial services by households and firms across a sample ofcountries, assesses the desirability of universal access, andprovides an overview of the macroeconomic, legal, and regulatoryobstacles to access. Despite the benefits of finance, the datashow that use of financial services is far from universal inmany countries, especially developing countries. Universal accessto financial services has not been a public policy objectivein most countries and would likely be difficult to achieve.Countries can, however, facilitate access to financial servicesby strengthening institutional infrastructure, liberalizingmarkets and facilitating greater competition, and encouraginginnovative use of know-how and technology. Government interventionsto directly broaden access to finance, however, are costly andfraught with risks, among others the risk of missing the targetedgroups. The article concludes with recommendations for globalactions aimed at improving data on access and use and suggestionson areas of further analysis to identify constraints to broadeningaccess. 相似文献
96.
In this article we examine the quantitative growth of growing number of advertisements (ads) placed by local shopkeepers in the three-daily chronicle of Ghent between 1706 and 1800. We test whether this evolution can be explained by international (shipping) commerce, a determinant to which the literature seems to have paid less attention. In this period, the number of commercial ads placed by local shopkeepers increased strongly. The nature of the offered goods, Ordinary Least squares/Generalized method of moments (OLS/GMM) regressions and Granger-causality tests give convergent indications that this was determined by increasing international trade (on top of other factors). The intuition is that, as a result of the policy of the Austrian government to facilitate accessibility and hence reducing transportation costs, there was an inflow of new goods into the Southern Netherlands. Local shopkeepers in Ghent were supplied with more and new imported goods and increased their vending efforts by making use of commercial advertisements. 相似文献
97.
Return Behavior in Emerging Stock Markets 总被引:7,自引:0,他引:7
This article investigates the behavior of stock returns in thetwenty stock markets represented in the International FinanceCorporation's Emerging Markets Data Base. The aim is to testfor return anomalies and predictability. Using statistical methodologiesthat have identified seasonal and size-based return differences,as well as general return predictability in industrial markets,we find that these emerging markets display few of the sameanomalies. In particular, we find limited evidence of turn-of-the-tax-yeareffects and small-firm effects. We do find, however, evidenceof return predictability. 相似文献
98.
Stijn Baert 《Industrial Relations Journal》2014,45(6):543-561
Using a field experiment, we investigate whether discrimination based on women's sexual orientation differs by age and family constraints. We find weakly significant evidence of discrimination against young heterosexual women. This effect is driven by age (and fertility) rather than by motherhood. We do not find any unequal treatment at older ages. This age effect is consistent with our theoretical expectation that, relative to lesbian women, young heterosexual women are penalised for getting children more frequently and taking on, on average, more at‐home‐caring tasks. 相似文献
99.
100.
Stijn Van Nieuwerburgh 《Real Estate Economics》2023,51(1):7-48
The covid-19 pandemic induced a major shift in the prevalence of remote and hybrid work arrangements. This review article studies the effects of this remote work revolution for residential and commercial real estate values and for the future of cities. It also discusses consequences for productivity, innovation, local public finance, and the climate. The last part of the article discusses policy interventions. 相似文献