Fishing Revenue, Productivity and Product Choice in the Alaskan Pollock Fishery

A key element in evaluating fishery management strategies is examining their effects on the economic performance of fishery participants, yet nearly all empirical studies of fisheries focus exclusively on the amount of fish harvested. The economic benefits derived from fish stocks involve the amount of revenue generated from fish processing, which is linked to both the way fish are harvested and the products produced from the fish. In this study we econometrically estimate a flexible revenue function for catcher-processor vessels operating in the Alaskan pollock fishery, recognizing potential endogeneity and a variety of fishing inputs and conditions. We find significant own-price supply responses and product substitutability, and enhanced revenues from increased fishing days and tow duration after a regulatory change introduced property rights through a new fishing cooperative. We also find significant growth in economic productivity, or higher revenues over time after controlling for observed productive factors and price changes, which exceeds that attributable to increased harvest. These patterns suggest that the move to rights-based management has contributed significantly to economic performance in the pollock fishery.     

Gender differences in socially responsible consumption. An experimental investigation

We report on a simple experimental study designed to investigate the different gender attitudes towards socially responsible consumption. We use the Vote-with-the-Wallet Game, (VWG), a version of a repeated multiplayer prisoner’s dilemma that mimics the characteristics of the choice between a conventional and a socially responsible product. More precisely we test the effect of three factors: two different frames and an ex-post redistribution mechanism that transfers resources from purely self-interested consumers to responsible ones. We find that women remain significantly more cooperative (choosing more often the responsible good) when the redistribution mechanism is interrupted and are significantly less satisfied about the behaviour of the other players in that treatment.     

Asset Price Bubbles: Existence,Persistence and Migration

Econometric tests are performed for the detection and migration of asset‐price bubbles in the housing, currency and stock markets of seven countries. This set of countries includes both developed and emerging economies that have good historical data on housing prices. Our empirical results suggest that this type of exuberant behaviour in prices occurs more frequently in the housing market than in the currency and stock markets. Additionally, we find significant evidence of bubble migration across markets within some of the studied countries.     

Inequality Stagnation in Latin America in the Aftermath of the Global Financial Crisis

Between 2003 and 2010, Latin America experienced a solid record of economic growth, coupled with a notable reduction in income inequality. The regional Gini coefficient fell from 0.556 to 0.521 and declined in all 15 out of 17 countries in which frequent data are available. However, previous studies have warned about problems in the sustainability of the decline in income inequality and this study presents evidence of stagnation on this front between 2010 and 2013. The results are robust to various measures of income inequality, but differ across the region. While largely attributable to the recovery from the global financial crisis in Mexico and some countries in Central America, the results are also supported by the demonstrated slowdown in inequality reduction in other countries, including Brazil, Ecuador and Bolivia.     

Testing for heterogeneity of preferences in randomized experiments: a satisfaction-based approach applied to multiplayer prisoners’ dilemmas

We use experimental data from the ‘vote with the wallet’ multiplayer prisoner’s dilemma to investigate with a finite mixture approach the effect of a responsible purchase on players’ satisfaction. We find clear-cut evidence of heterogeneity of preferences with two groups of players that differ significantly in terms of effects of the responsible choice on satisfaction.     

商业银行反周期资本缓冲的方法选择

本文提供了设计反周期资本缓冲的一些经验教训和方法选择,主要贡献在于分析了用于指引资本缓冲建立和释放的条件变量。不同反周期资本措施的主要区别在于条件变量是银行特定的还是系统性的,前种方法对特定构成要素的数量要求巨大,相比之下系统性的方法更具优势。作为资本缓冲增加进度和规模信号的最佳变量未必是指引资本缓冲释放时机和程度的最佳变量。信贷/GDP比率是指引建立阶段开始的最好变量,总损失的某种衡量,与信贷条件指标一起,可以很好地发出释放资本的信号。不过,现阶段设计完全以规则为基础的机制不太可能,不同程度的主观判断不可避免。此外,本文还认为,减少最低资本要求的敏感性是可靠的反周期缓冲措施的重要组成部分。在本次金融危机发生之后,反周期资本管理正逐渐引起国内银行业及相关部门的重视,本刊征得作者同意,翻译并发表此文,以期为相关部门资本监管和风险管理提供借鉴。作者及所在机构对译文免责。     

Measuring Persistence in Inflation: Evidence For angola

The purpose of this paper is to examine the degree of persistence in five inflation indicators for Angola, and to identify the implications for decision making. Our results suggest that when structural breaks are accounted for, all five inflation indicators are stationary. Second, our findings suggest that persistence is not too high. Moreover, the degree of persistence is similar among the five inflation indicators and throughout the sample period. Finally, our results also show that extracting the most volatile components of the headline inflation indicator does not generate a new inflation indicator that is less volatile and more persistent than the original. These results have important policy implications as the National Bank of Angola is preparing to change its monetary policy focus to a more inflation‐targeting regime.     

Dinámica de la inversión extranjera directa en los estados de México: un análisis de cadenas de Markov espaciales

The aim of this investigation is to analyze the evolution of the spatio-temporal distribution of foreign direct investment (FDI) across Mexican states. The literature that analizes foreign direct invesment in Mexico is numerous and diverse; however, it is argued that the analysis of the spatio-temporal distribution of FDI conditioned to spatial interaction effects in Mexico, is still absence. In this sense, by applying the spatial Markov chain approach as proposed by Rey (2001), we found a divergence process in the FDI inflows among mexican states that seems to get stronger over time. In particular, during the period from 2006 to 2013, the process of divergence towards higher-FDI-inflows quantiles occurs among states spatially associated with neighbors in lower-FDI-quantiles.     

In search of stabilization and recovery: macro policy and reforms in Venezuela

Venezuela is currently immersed in a severe economic crisis as a result of years of domestic mismanagement and the recent reversal in oil prices. This article attempts to formulate a proposal for stabilization and recovery that includes upfront key policy actions to deal with the drastic foreign exchange constraint. We consider the recovery of foreign currency liquidity to be of paramount importance. This will allow not only the lifting of exchange control and the implementation of a stable and competitive real exchange rate, but also the removal of shortages across the board and output recovery. The recovery of domestic activity will also require supply-side relief in the form of broad deregulation, institutional changes, and a sensible policy to lift price controls. To maintain a stable and competitive exchange rate, we propose a whole set of policy measures for rapid suppression of inflation and the causal mechanisms that have formed over the years. A monetary reform and the support of monetary and fiscal policy for successful stabilization and recovery efforts are also discussed.     

Evaluación del efecto de la psicología del inversionista en un mercado bursátil artificial mediante su grado de eficiencia

The main objective in this paper is developing a cellular automaton model where interact more than one kind of broker, where the use and exchange of information between the investors explain the complexity through the Hurst coefficient estimation, this, represents an efficient or random market when the value is equal to 0.5. Due to the variants proposed in this research it can be determined that should exist a rational component in the simulator in order to generate an efficient behavior.