The economy of Spain in the euro-zone before and after the crisis of 2008

In common with the other periphery countries that joined the euro-zone in 1998–2000, Spain enjoyed ten years of economic prosperity, essentially financed by foreign debt. The financial crisis of 2008 revealed deep structural problems in the euro-zone, but also among Spain's fiscally autonomous regions. Spain's experience differs from the financial problems faced by the other European periphery countries in details, but Spain's ongoing financial crisis highlights the fundamental problem of the euro-zone. It lacks a euro-bond backed by credible commitment of euro-zone wide revenues. Moreover, Spain's difficulties in dealing with its autonomous regions highlight the intractable fiscal problems facing the euro-zone.     

Determinants of self-employment survival in Europe

This paper investigates the determinants of self-employment survival in Europe in two stages. The first one focuses on the effect of variables at the individual level, while the second raises questions regarding specific regional factors through the introduction of macro variables. In conducting this analysis, discrete choice models, including both single and competing risks frameworks, are applied to data drawn from the European Community Household Panel from 1994 to 2001. Different destination states are considered: paid employment, unemployment and inactivity. This allows us to search for the underlying determinants of these different hazards. The results suggest a positive impact on survival of formal education and previous experience within the labour market. In addition, we find that entering self-employment from unemployment has a strong negative effect on survival within self-employment. However, our results also show that the expenditure on start-up subsidies decreases the risk of exiting self-employment specifically for the group of individuals entering self-employment from unemployment. Therefore, the availability of these incentives might be seen by policymakers as not only a route to increase entry into self-employment, but also as an adequate instrument for equalising survival chances across individuals entering self-employment from unemployment and those entering with a different starting status.     

ISO 14001 Environmental Certification: A Sign Valued by the Market?

The main purpose of this work is to analyse whether ISO 14001 certification is interpreted by the capital market as a sign of environmental responsibility, modifying long-term efficiency expectations and the profitability of firms. Under competing assumptions that ISO 14001 certification is adopted by firms either proactively or reactively, we test competing hypotheses about how this certification affects the market value of firms. The analysis is based on a sample of 80 environmental certifications of the plant systems or processes of large Spanish firms which traded on the continuous market of the Madrid Stock Exchange from 1996 to 2002. Using event study methodology, we found that ISO 14001 certification has a negative effect on the market value of certain firms. Specifically, the results obtained seem to show that the market negatively views the allocation of resources to ISO 14001 certification in the case of less polluting and less internationalised firms. On the other hand, the results obtained do not suggest clear evidence that the economic impact of ISO 14001 certification is negative for more polluting and more internationalised firms.     

Innovation,productivity and exports: the case of Hungary

This paper estimates the relationship between innovation and firm performance by using Community Innovation Survey data for Hungary. It exploits the possibility of linking the innovation data to ownership and disaggregated trade data. Innovative firms are more productive, more likely to trade and export more products to more countries. We also test for differences in innovative behaviour in high- and low-tech industries, and study whether domestic and foreign firms differ in this respect.     

Graphical Analysis of the Two Parameters logistic Function (A Methodological Proposal)

It is proposed to study the graphical representation of the parametric space of maximumlikelihood function of two parameters logistic functions, as is used in Item Response Theory. Thisproposal is made more from a point of view of understanding rather than of discovery..     

Regulation and Public Sector Development: A Post-Transition Perspective

The article is devoted to the changing role of the major public policy function of regulation and the changing role of the public sector in various phases of systemic change in central and eastern Europe. It surveys the consequences of bloodletting for the civil service and state capactiy in a world increasingly dominated by delocalisation and dematerialisation. Meanwhile a large part of the economy is unlikely to be transformed into purely asset value maximising units, thus the importance of regulating the intermediate forms of activity between public and private firms is going to gain in importance. Limitations of the current EU model, based on traditions rather than attending tasks of the future are highlighted in both the administrative and the enonomic spheres.     

Effect of ageing on the ownership of durable goods

I analyse how ageing affects the demand for non‐housing durable goods. Based on the English Longitudinal Study of Ageing, individual characteristics, cohort and time effects can explain most of the age variation in the ownership and purchase of durable goods. A life‐cycle model is derived to capture the complex relation between ageing and the demand for non‐housing durable goods. Decreasing survival probability, deteriorating health and changing preferences are jointly reflected in the age gradient of demand. Simulations indicate that higher chances of survival increase the ownership ratio of the durable items.     

Wavelet power spectrum and cross-coherency of Spanish economic variables

We analyze six relevant economic and financial variables for the period 2000M1–2015M3 in the context of the Spanish economy: a financial index (IBEX35), a commodity (crude oil price in euros), a foreign exchange index (EUR/USD), a bond (Spanish 10-year bond), the Spanish national debt and the consumer price index. The goal of this paper is to analyze the main relationships between them by computing, using a special toolbox in MATLAB, the wavelet power spectrum and the cross-wavelet coherency associated with Morlet wavelets, focusing our interest on the period variable. We decompose the time–frequency effects and improve the interpretation of the results by non-expert users in the theory of wavelets. This yields empirical evidence on instability periods and reveals various changes and breaks in the causality relationships for the data available from recent years. Moreover, we introduce a comparison with Gaussian wavelets and use the MATLAB software suite for computing, taking the scale instead of the period as the reference variable. These same variables were analyzed individually in a previous paper that specifically considered the decomposition of non-stationary monthly rate series in the period 2000M1–2014M12 using Daubechies wavelets db8 to visualize high frequency variance, seasonality and trend.