Inequality and catching-up under decreasing marginal impatience

This paper examines how endogenous time preference interacts with inequalities in economic development. We consider two distinct groups of households with intrinsic inequality (e.g., capitalists and workers), and show that (i) under decreasing marginal impatience (DMI), an unequal society may be preferable for poor households than an egalitarian one in which every household owns an equal share of asset; (ii) poor households tend to benefit more under DMI than CMI (constant marginal impatience) from positive shocks; (iii) inequality exhibits a sharp inverted-U shape as more people become rich, which should be good news for developing countries in catching up; and (iv) a tax on capital income reduces poor households’ income when the fraction of the rich is sufficiently small. We also examine immigration and discuss capital mobility.     

Little victories local economic development in European regions

This paper analyses how different institutional frameworks condition the influence of selected social traits: the social stigma to entrepreneurial failure and the presence of entrepreneurial role models, over entrepreneurial activity levels in a rural area with strong industrial and entrepreneurial history versus those that are not necessarily characterized by such a tradition. To attain this objective we undertake a rare events logit model using a robust Spanish dataset from 2003. The main contribution of the study indicates that there is a significant difference between entrepreneurial activity levels in rural Catalonia as compared to rural areas in the rest of Spain. This difference is in large part explained by the distinct impact of the observed social traits, where the presence of entrepreneurial role models is a prominent explanatory factor favouring entrepreneurial activity in rural (Catalonia) areas with strong industrial tradition. The findings of the paper back the growing call for territorial specificity in the formulation and application of entrepreneurship support measures, distinguishing between rural and urban areas. Hence, and in accordance with the new rural paradigm, entrepreneurship promotion should take a more holistic character and become an integral part of any rural development plan. The paper's results imply that fostering business creation in rural areas is more often than not a generational process, where the search for short-term benefits can result in the mistaken impression that in rural areas entrepreneurship support policy does not work.     

State productivity growth in agriculture: catching-up and the business cycle

This paper examines the relation between the business cycle and convergence in levels of agricultural productivity across the 48 contiguous states. First, we find evidence of convergence in total factor productivity levels across the different phases of the business cycle, but the speed of convergence was greater during periods of contraction in economic activity than during periods of expansion. Second, we find that technology embodied in capital was an important source of productivity growth in agriculture. As with the rate of catch-up, the embodiment effect was much stronger during low economic activity phases of the business cycle.     

Severity of material deprivation in Spanish regions and the role of the European Structural Funds

Material deprivation has recently affected households with worrying pressure. In order to evaluate the degree of this affliction, we build categories of deprivation with increasing intensity, using the 2014–2018 EU-SILC cross-sectional data for households in Spanish regions. We explore household characteristics and regional heterogeneity associated with the relative risk ratios of falling into such categories. Moreover, the paper assesses whether two axes of the European Structural and Investment Funds (specifically, those allocated to the objective of social inclusion and sustainable and quality employment) matter at weakening such risks. Only social inclusion funds are strongly associated with a lower relative risk of material deprivation. This might be due to a regional misalignment and/or to an inefficient use of the funds.     

Spatio-temporal determinants of the structural and productive transformation of regions in Central and East European countries

This paper investigates the determinants of the structural (between-sectoral) and productive (within-sectoral) transformation of 56 NUTS2 regions in Central and East European (CEE) countries over the 2008–2014 period. Over the analysed period, a transformation of the analysed regions has taken place towards the tertiary sector and high value-added activities. The results from a spatial panel Durbin analysis reveal the existence of product-space linkages and point to a productive transformation towards high technology-intensive activities as an important driver of industrial development. Equal access to digital infrastructure in urban and rural areas and transfer of skills, knowledge and resources through the inflow of foreign investment and imports of production inputs increase the contribution of manufacturing to regional employment. The effect of profit tax reductions on the share of manufacturing employment is about five times larger than the effect of government subsidies to production.     

Volatility and error transmission spillover effects: Evidence from three European financial regions

This study uses the multivariate GARCH-BEKK modelling approach to examine the transmission of news (both volatility and error) between portfolios of cross-listed equities within three European financial regions, that is, the Scandinavian (Denmark, Sweden, Finland and Norway), the Germanic (Austria, Switzerland and Germany) and the French area (Brussels, France, Italy, Holland and Spain). We find that the Finnish and Danish portfolios of cross-listed equities are the main transmitters of volatility relative to the Swedish and Norwegian portfolios of cross-listed equities. On the other hand, the Swiss portfolio of cross-listed equities is the major exporter of volatility and error to the other portfolios of cross-listed equities in the Germanic stock market area. Finally, the Paris, Amsterdam and Brussels stock exchanges are the major exporters of volatility and error to the portfolios of cross-listed equities traded on the Milan and Madrid stock exchanges.     

赴欧现代物流技术考察记

由《物流技术与应用》杂志承办的赴欧洲六国现代物流考察已圆满结束。短短十几天的行程,丰富多彩的考察项目,专家深入浅出的讲解,使大家收获颇丰。下面这组文章是他们这次考察的切身感受,摘登出来与广大读者分享。     

Stock Price Reaction to Non-financial News in European Technology Companies

Drawing upon a series of interviews conducted with leading practitioners and opinion formulators in the social, ethical and environmental audit arena, together with an extensive review of recent literature in the area, this paper offers a critical appraisal of current developments in the newly revitalized social audit movement. We particularly question whether in their enthusiasm for bringing social audit into the mainstream of current business thinking its advocates risk compromising the democratic ideals of the founding fathers of the movement. A particular concern raised is that without real change in corporate governance structures, social audit could become monopolized by consultants and/or corporate management and hence amount to little more than a skilfully controlled public relations exercise.     

Employment protection regulation,trade unions and tenure of employment: An analysis in 23 European countries

This article focuses on the relationship between employment protection regulation (EPL), trade unions and tenure of employment. A main hypothesis is that EPL strictness tends to prolong tenure, because rigorous rules imply that remaining with the same employer gives more job security. The role of unions can be expected to be similar. These assumptions are related to issues regarding dualisation in the labour market. Data used are the European Working Conditions Survey 2010—including 23 countries and more than 18,500 employees—combined with national‐level data on EPL, unemployment, union density and collective bargaining coverage. The analyses reveal that EPL strictness and bargaining coverage are associated with longer tenure. The same goes for having an employee representative in the workplace. The institutional variables work through interactions with individual‐level variables. For example, the impact of age, which is strongly linked to tenure, increases with stricter EPL and higher bargaining coverage.     

The European single market and the regulation of the legal profession: an economic analysis

The article analyses the effect of removing barriers between two autarkic legal markets with different technologies. Firms using the more efficient technology penetrate the other market. The result is mergers between firms from the efficient jurisdictions and those in the inefficient jurisdictions. Social welfare increases from reduced resource costs in the production of legal services even if prices remain regulated. This leads to pressure for prices for legal services to be reduced. Recent trends in the penetration of EU legal markets by English solicitors firms are discussed, particularly recent mergers involving English and German law firms. Implications for future market regulation are drawn. Copyright © 2002 John Wiley & Sons, Ltd.     

Measuring Intersectoral Technology Spillovers: Estimates from the European and US Patent Office Databases

This paper presents several new methods for measuring intersectoral knowledge spillovers, and applies these methods in an analysis of productivity growth in manufacturing for a cross-country, cross-sectional sample for the 1980s. It is argued that existing methods of measuring such intersectoral knowledge spillovers are mostly aimed at measuring so-called crent spillovers'. The methods developed here are aimed at measuring knowledge spillovers—an additional aspect of the spillover process. The empirical analysis shows that there are indeed differences between these two types of spillover measure.     

欧盟标准化政策与欧洲统一大市场（1）

欧盟为了加快内部市场的统一,消除贸易技术壁垒,自 20世纪 80年代以来先后出台了许多新政策,其中影响较大的就是由欧盟理事会于 1985年 5月 7日批准的《技术协调与标准化新方法》（简称《新方法》决议）。决议提出了用欧洲标准支持共同体技术法规的思想,即共同体法律只规定产品投放市场所应达到的基本要求,而将制定达到这些基本要求的技术方案的任务交给欧洲标准化组织,明确界定了欧洲立法机构与欧洲标准化组织之间的关系,使欧洲标准成为支持法律、消除贸易技术壁垒的重要工具。 1989年 12月 21日欧盟理事会又通过了《认证和测试全…     

欧盟标准化政策与欧洲统一大市场（4）

6 市场监督是欧盟实施新方法指令的重要手段市场监督是各国政府都极为重视的一项活动,旨在利用法律保护消费者的利益。在欧盟,市场监督已成为法律框架中不可分割的一部分,它是欧盟实施新方法指令的重要手段,其目的就是保证投放市场的产品符合新方法指令的基本要求,保护最终用户（消费者）的健康和安全,保证商品在内部市场的自由流通并消灭不公平竞争。新方法指令为各国主管当局开展市场监督活动提供了法律依据以及诸如CE标志、EC合格声明等有效工具。6.1 市场监督所遵循的原则为保证市场监督的公正性,欧盟委员会要求市场监督工作必…     

欧盟标准化政策与欧洲统一大市场 (3)

5指定机构在欧盟合格评定中的作用 指定机构是由各成员国主管当局批准的、依据新方法指令中规定的合格评定程序开展审核工作的机构,它在欧盟的合格评定中起着举足轻重的作用。 5.1 指定机构的职责 指定机构的首要任务就是依据新方法指令中提出的要求,在指定的范围内向共同体内外的经济运作人提供合格评定服务,它们可以在本国、在其它成员国或第三国家的领土上开展合格评定活动。 如上所述,欧盟的合格评定程序被细分为 8种基本模式和 8种基本模式的补充模式。在这些模式中,需要指定机构参与的有 Aa、 B、 Cbis、 D、 E、 F、 G…     

欧盟标准化政策与欧洲统一大市场（2）

2欧盟新方法指令与欧洲标准化的关系 2． 3协调标准　　根据《新方法》决议,由欧洲标准化组织 (欧洲标准化委员会 CEN、欧洲电工标准化委员会 CENELEC及欧洲电信标准学会 ETSI)依据欧盟委员会下达的标准化委托书制订的标准是协调标准;其制订工作必须是在所有利益相关方协商一致的基础上完成。协调标准制订程序如图 1所示。 　　欧洲的协调标准与欧洲其他标准的相同之处是,它们都是自愿性标准。不同之处在于,协调标准是按照指令的要求及规定的程序制订的,凡是符合协调标准的产品均可被视为符合新方法指令的基本要求,从而可在共同…     

Regulations and Governance in European Cities

In Europe today, the state is being challenged, and this is leading to renewed questioning of the linkages between social regulation and political regulation. Territories, or sub-national levels (particularly towns and cities), can constitute one level on which different types of regulation are enmeshed and structured, and where a mode of governance is structured. This paper reviews the uses of the concept of governance by those institutionalist or regulationist economists who address the issue of territory, and then proposes an analytical framework — a sociological conception of governance. La remise en cause de l’État en Europe amène à réinterroger l’articulation entre régulations sociales et régulations politiques. Les territoires, ou niveaux infranationaux (en particulier les villes) peuvent constituer l’un des niveaux d’enchevêtrement et de structuration de différents types de régulation, de structuration d’un mode de gouvernance. Ce papier passe en revue les utilisation du concept de gouvernance chez les économistes institutionnalistes ou régulationnistes qui prennent en compte le territoire, afin de proposer un cadre d’analyse, une conception sociologique de la gouvernance.     

Economic cohesion and development of the European Union's regions and member states - A methodological proposal to measure and identify the degree of regional economic cohesion

The EU cohesion policy seeks to mitigate imbalances between countries and regions and enhance greater economic development of the whole Union. However, notwithstanding its efforts and certain progress on this issue, territorial disparities still represent an open challenge for the European Union, which requires improving the cohesion policy, particularly regarding its measurement, in order to allocate resources more efficiently.This article aims to propose an innovative methodology to measure and identify the degree of cohesion of both EU NUTS-2 regions and member states in economic terms. To this end we first selected the main indicators which would better explain GDP per capita growth by applying factor analysis; and second, we measure the degree of cohesion as the relationship between economic development and its potential attributable to the inequalities detected in the selected set of indicators. To ensure the robustness of this research, we compared the results obtained by applying the Gini, Atkinson, and Theil indexes. Finally, the Economic Cohesion Index (ECI) has been elaborated in order to identify regions that, regardless of their economic development, still present a very low level of cohesion within the group in which it is compared.The main findings indicate that the 27 EU countries are quite cohesive. On the contrary, from the regional perspective, the study shows important imbalances between economic development and its potential that mainly affect the regions of Greece, Spain, and Italy, where Greece is the leading country among less developed regions and Spain and Italy among more developed.