Tracing VARDI coefficients: a proposal

ABSTRACT

We propose a new approach for tracing the so-called ‘value-added-(re)distribution-important coefficients’ (in short the VARDI coefficients) in a world input–output model. From the perspective of a selected group of economies, VARDI coefficients may be defined as those elements in world input–output matrix in the case of which a small change in their levels leads to the maximization of a share of this group of economies in value added in global value chains. Due to the rapid development of the World Input Output Database, this approach may be easily applied in empirical research to different groups of countries and sectors in world IO models. In an illustrative empirical case study, we use the new approach in order to answer a question regarding what the main directions of the future macroeconomic policy of the U.S. could be in order to ensure the maximization of the country’s share in global value added.     

On Hypothesis about the Second Eigenvalue of the Leontief Matrix

If an arbitrarily positive eigenvector is repeatedly premultiplied by a positive matrix, then the result tends towards a unique, positive (Frobenius) eigenvector. Brady has demonstrated that the expected absolute magnitude of the estimate of the second largest eigenvalue of a positive random matrix (with identically and independently distributed entries) declines monotonically with the increasing size of the matrix. Hence, the larger the system is, the faster is the convergence. Molnár and Simonovits examined Brady's conjecture in the case where entries of a stochastic matrix are close to 1/n. We prove this hypothesis for any stochastic and positive matrix.     

Displacement of labour by imports of manufactures

Concern over domestic employment seems to be the main reason for the recent increase in protection in developed countries. This paper tries to establish the extent to which imports actually affect domestic employment. A partial equilibrium model is developed and then estimated for Sweden. Negative employment effects are found to be rather small.     

Prämienanpassungen im Risikoklassenmodell der Privaten Krankenversicherung

In Zähle (Blätter DGVFM 31:39–64, 2010), a risk class model for the portability of the reserves for increasing age in Germany’s private health insurance system was introduced. In the present article, this model is extended in such a way that also successive premium adjustments are taken into account. In our model, the current risk class of an insurant does not play any role for a premium adjustment. In fact, only the risk class, to which the insurant belonged at the beginning of the contract, matters for a premium adjustment. From a mathematical point of view, our model provides a neat solution for the problem of the portability of the reserves for increasing age. In particular, the presented model is a real extension of the conventional model of Germany’s private health insurance system insofar as the conventional model can be recovered by restricting to a single risk class. So the well-tried premium calculation principle will basically remain.     

垄断资本主义制度下的经济剩余和剩余价值#br#

经济剩余范畴招致了诸多质疑与反对,并且,巴兰和斯威齐似乎也并未完全理解经济剩余的所有理论意涵。本文的主要目的在于从现代垄断资本主义的实际运行的角度考察经济剩余与剩余价值之间的关系。为了考察垄断资本主义制度下积累动力的决定性因素,有必要超越纯粹比较性的分析框架,采用动力学框架才有可能领会经济剩余这一范畴的重要性,并且才能理解它在马克思的资本主义发展理论中的地位。因此,文本从比较经济剩余与剩余价值的角度,探讨了资本积累(以及利润率水平) 与非生产劳动之间的关系。该方法有助于厘清与马克思的价值理论和垄断资本主义运行规律有关的一些理论难题。     

Price–volume relations of DAX companies

This study provides empirical evidence of the joint dynamics between stock returns and trading volume using stock data of DAX companies. Contemporaneous as well as dynamic interactions are investigated for a period from January 1994 to December 2005 on a daily basis. Our results suggest that there is almost no relationship between stock return levels and trading volume in either direction. We find that trading volume is contemporaneously positively related to return volatility. In addition, we establish that lagged return volatility induces trading volume movements. Finally, we examine dependencies in the tails and find no significant support for the hypothesis of the independence of the maximal values of absolute returns and trading volume.

Some remarks on a social network approach to identifying key sectors

Ostensibly, certain adaptations of social network theory extend and improve the traditional key-sector approaches. Our analysis of the underlying algebraic properties shows that a social-network-based approach proposed by García Muñiz et al. [(2008) Key Sectors: A New Proposal from Network Theory. Regional Studies, 42, 1013–1030] does not relate final demand and output in ways comparable to key-sector measures that are based on the static Leontief input–output model. Using the most recent IO table for Poland we show that the modified approach can lead to spurious empirical results and, as a consequence, to false policy implications.     

Interfund linkage analysis: the case of the polish pension fund sector

Although fund activities whose target is to attract the members of rivals would seem to be very important for a proper evaluation of pension fund achievements, this topic has not been looked at by researchers. This paper presents an approach to assess the interfund effects of savings transfers based upon Polish tables of transfers published by the KNUiFE over the period from the fourth quarter of 2001 to the first quarter of 2004. Some useful indicators are suggested. By means of these indicators a taxonomy of pension funds operating in Poland was carried out. We also find which transfers of savings are the most important, i.e. which changes in the relative level of such transfers cause the largest perturbations in the whole pension fund sector.     

Comparative and qualitative robustness for law-invariant risk measures

When estimating the risk of a P&L from historical data or Monte Carlo simulation, the robustness of the estimate is important. We argue here that Hampel’s classical notion of qualitative robustness is not suitable for risk measurement, and we propose and analyze a refined notion of robustness that applies to tail-dependent law-invariant convex risk measures on Orlicz spaces. This concept captures the tradeoff between robustness and sensitivity and can be quantified by an index of qualitative robustness. By means of this index, we can compare various risk measures, such as distortion risk measures, in regard to their degree of robustness. Our analysis also yields results of independent interest such as continuity properties and consistency of estimators for risk measures, or a Skorohod representation theorem for ψ-weak convergence.