The impact of employers' recruitment behaviour on the allocation of vacant jobs to unemployed job seekers

This paper is focused on the allocation of vacant jobs to job seekers from a demand side perspective by studying the recruitment behaviour of employers. A model is developed to analyze the role of search and selection methods of employers as determinants of the probability that an unemployed person will be hired for a certain type of job. In an empirical application for the Dutch labour market, we have examined the effect of employer's recruitment behaviour on the allocation of vacant jobs to employed, unemployed and school-leaving job seekers.We find that job requirements for the applicants with respect to work experience are the most important determinant of the probability that an unemployed person will be selected to fill a vacant job. In addition, the use of advertisements by employers for jobs requiring high skill levels does also have a significant effect.     

利益博弈与不良债权的形成

在资源配置过程中,任何行为主体将按这样一种格局来配置自己可支配的资源,即在这种格局下,投入各方面和各种活动（包括支持或阻止制度变迁的活动等）的可支配资源的边际私人净收益相等。当投入的资源所产生的私人净收益与社会净收益不一致时,便会出现各种“搭便车”行为和“追逐经济租”行为,出现与外部效应相联系的资源配置不当和配置低效率。     

Technology and jobs

The article investigates the employment effects of technology. A set of models is developed where changes in industry-level employment are explained by changes in demand, wages, by the diffusion of innovation and its market impact. The empirical test uses data from two EU innovation surveys – CIS (Community Innovation Survey) 2 (1994–1996) and CIS 3 (1998–2000) – on 10 industrial sectors and 10 European countries. The results of the models show the importance to discriminate between different strategies for innovation, between high- and low-innovation industries, and between short-term labour market effects and the long-term impact of structural change.     

Industrial loans and market structure

Based on the observation that financing is one of the main obstacles to create new firms, this paper deals with the interactions between the market structure of both the banking sector and the borrowing industries. We consider that firms’ installation costs are financed by means of industrial loans from specialized banks. With endogenous entry in banking activity as well as in the borrowing industry, we find that a natural oligopoly emerges in both sectors if the entry cost in the industrial sector is small enough, relative to the banks’ entry cost.     

Interest rate volatility and home mortgage loans

The US economy has experienced substantial fluctuations in real and nominal interest rates since the 1970s. This article investigates empirically the relationship between home mortgage loans and volatility in mortgage rates for the period 1971:02 to 2003:03. Contrary to common wisdom, we find a positive relationship between mortgage rate volatility and home mortgage loans. Further investigation indicates that this is due to volatility in the bond market. In times of high interest volatility, households disinvest in government securities and invest in real assets, which yields a positive relationship between mortgage rate volatility and home mortgage loans.     

Expectations and interest rates on mortgage loans

We examine the role of expectations for interest rates on mortgage loans. Our empirical results, based on cointegration tests, indicate a violation of the expectations hypothesis on the German loan market. In contrast to the capital market, a failure of the expectations hypothesis on the loan market cannot be attributed to the market segmentation hypothesis. Using a simple two-period model, we can show that the deviation from the expectations hypothesis is stronger than on the capital market and such that it confirms the common practice of choosing between loans with variable or fixed interest rates.An earlier version was presented at the annual meeting of theVerein für Socialpolitik 1994. We are grateful to Jürgen Wolters and an anonymous referee for their useful comments and suggestions.     

External deficits and non-performing loans in the recent financial crisis

This paper analyses the deterioration of bank credit quality during the recent financial crisis in a cross-national sample. Rapid credit growth in 2000-2005 predicted the relative amount of non-performing loans only if it was combined with a current account deficit.     

Financial literacy and use of payday loans in the United States

Using the 2012 National Financial Capability Study, this study investigated the relationship between financial literacy and payday loan use. An instrumental variable approach was employed to address a possible endogeneity issue using a newly developed instrument of financial literacy based on the community network effect. Results from linear regressions indicated that financial literacy was associated negatively with the use of payday loans, and its effect was greater with the use of the instrument.     

Untying the motives of giving grants vs. loans

The aid allocation literature has assumed that two forms of aid flows – grants and concessional loans – are determined identically. Its findings reflect average behavioral patterns based on an aggregate of these two distinct transfer types. This analysis shows that the past findings generally apply to grants but not to concessional loans. In particular, the amount of grants decreases with income, whereas the amount of concessional loans increases with income. However, donors increase both grants and loans to politically aligned administrations during election years irrespective of recipients’ income level. Other econometric issues such as endogeneity of income and cross-sectional dependence are taken into account.     

契约配置与制度配置：路径比较

契约配置和制度配置的路径存在重要差异。契约配置路径包括私人交易演进型、政府之间与社会团体之间交易演进型和政府、社会团体与私人之间交易演进型等路径。制度配置路径包括契约演进型、需求型、供给型和引进型等路径。契约配置和制度配置路径比较的经济学意义表现在二者均具有稀缺性,在经济资源配置中具有不同的作用,并存在路径依赖关系,促进二者的耦合性是市场经济的本质要求。     

Property rights protection and access to bank loans

Poor protection of private property has limited the access to bank loans by private enterprises in developing and transition economies. Under those circumstances, private entrepreneurs have resorted to various ways of enhancing the de facto protection of private property. Using a dataset of 3,073 private enterprises in China, this paper empirically investigates the impact of political participation and philanthropic activities – informal substitutes for the lack of formal protection of private property – on the access to bank loans.     

Entrepreneurs,jobs, and trade

We propose a simple theory of endogenous firm productivity, unemployment, and top income inequality. High-talented individuals choose to become self-employed entrepreneurs and acquire more managerial (human) capital; whereas low-talented individuals become workers and face the prospect of equilibrium unemployment. In a two-country global economy, trade openness raises firm productivity, increases top income inequality, and may reduce welfare in the country exporting the good with lower relative labor-market frictions. Trade openness reduces firm productivity, lowers top income inequality, and necessarily raises welfare in the other country. The effect of trade on unemployment is ambiguous. Unilateral job-creating policies increase welfare in both countries. However, they reduce unemployment and raise top income inequality in the policy-active country; and reduce top income inequality while increasing unemployment in the policy-passive country.     

Monetary and macroprudential policy with foreign currency loans

In a number of countries a substantial proportion of mortgage loans is denominated in foreign currency. In this paper we demonstrate how their presence affects economic policy and agents’ welfare. To this end we construct a small open economy model with financial frictions, where housing loans can be denominated in domestic or foreign currency. The model is calibrated for Poland - a typical small open economy with a large share of foreign currency loans (FCL). We show that the presence of FCLs negatively affects the transmission of monetary policy and deteriorates the output-inflation volatility trade-off it faces. The trade-off can be improved with macroprudential policy but the outcomes are still worse than under this same policy mix applied to an economy with domestic currency debt. We also demonstrate that a high share of FCLs is harmful for social welfare, even if financial stability considerations are not taken into account. Finally, we show that regulatory policies that discriminate against FCLs may have a negative impact on economic activity and discuss the redistributive consequences of forced currency conversion of household debt.     

Finite-maturity stock loans under the constant elasticity of variance model

This article expresses the constant elasticity of variance stock loans pricing formula in terms of the noncentral chi-square distribution. By using the numerical solutions of the integral equation for the early exit boundary, we calculated the valuation of the stock loans. Numerical analysis is carried out to establish explicitly the value of such a loan, as well as the loan amount and the fee for providing such a service.     

Macroeconomic and bank-specific determinants of non-performing loans: the case of baltic states

Empirica - This study examines selected macroeconomic and bank-specific determinants of non-performing loans (NPLR) for a panel of 21commercial banks from the Baltics States (Estonia, Latvia and...     

World Bank trade loans and export performance of recipient countries

Since 1980 several developing countries have received World Bank structural loans, aimed at opening their economy to international trade. By estimating a gravity equation on a panel of 180 countries, observed from 1962 to 2010, we investigate whether the Bank’s programs have affected the export performance of beneficiaries in the subsequent years. According to our results, trade loans have been ineffective in the shorter run while, in the longer, they appear to have hindered the export performance of recipient countries. The Bank’s new trade policy approach, however, seems to have some potential for inverting the negative influence that we have detected.     

Asymmetric group loans,non-assortative matching and adverse selection

This paper shows that an asymmetric group debt contract, where one borrower co-signs for another, but not vice versa, leads to heterogeneous matching. The analysis suggests that micro finance organizations can achieve the first best by offering asymmetric group contracts.     

The role of credit officers in the performance of micro loans

This paper proposes a structural model explicitly considering the role played by credit officers in loan performance. The credit officer's ability is decomposed into the screening and the audit stage. This model is estimated using a rich database from VivaCred – a Brazilian NGO. Results suggest that: (i) there is substantial heterogeneity among credit officers in the sample; (ii) their ability affects more the screening than the audit stage; and (iii) their estimated ability is correlated with their experience at VivaCred but not with their experience before joining the organization. Evidence suggests that a reduction in staff turnover would be beneficial to the institution.     

The problem of bad loans and enterprise indebtedness in Bulgaria

Conclusions The problem of bad enterprise and bank debts has developed into one of the most acute economic problems in PETs. The general delay in implementing comprehensive policy measures to combat this issue as well as mismanagement contributed to the snow-balling of bad loans. In the case of Bulgaria this led to a major financial crisis and the authorities had to undertake a large-scale rescue operation.The experience of the past three years or so indicates that there are no ideal definitive solutions to the bad-loan problem. All bad-loan management options discussed in the literature and experimented with in PETs have serious drawbacks and their inherent cost is usually quite high. So the bad-loan problem has turned into one of the many dilemmas that economic policy makers of the PETs have to face up to.The Bulgarian approach to the bad loans issue builds on ideas that have been debated in the literature and adds some new and original aspects. It is an attempt to link the process of cleaning up the bad loans to the recapitalization of commercial banks and to the process of privatizing SOEs. In this respect it can be regarded as an element of a broader policy aimed at speeding-up the process of economic transformation of the country. At the same time, the Bulgarian approach has a number of weak features that may have undesirable consequences.