Eco-efficiency changes of the electricity and gas sectors across 28 European countries: A value-based data envelopment analysis productivity approach

This paper assesses the relative eco-efficiency changes in the electricity and gas sector (E&G)' production and consumption chains in 28 European countries. We propose a novel robustness assessment for the productivity index, specifically adjusted to value-based data envelopment analysis. Overall, results indicate that total factor productivity gains have been mainly driven by the catch-up effect across all chains of the E&G sector. When a more demanding perspective concerning negative environmental externalities is adopted, we find that the number of European countries that achieved productivity gains across all chains decreases. Besides, results depict the existence of lower productivity gains for the direct production chain when compared with the direct and indirect supply chains of the E&G sector. Germany, Luxembourg, and Belgium were consistently viewed as innovators across all chains, according to the environmental perspective. Several Eastern Europe countries usually viewed as policy laggards that resisted adopting the ambitious European decarbonization targets, showed total factor productivity gains in the supply chain of the E&G sector under a more environmental demanding perspective. Czechia was the only country with productivity losses across all chains, due to increasing coal-fired electricity generation in the time horizon assessed. The current partial return to coal as a source of electricity, due to the geopolitical tensions between Russia and Europe, brings additional challenges to the enhancement of the eco-efficiency of the European E&G sector.     

The impact of ambidexterity on enterprise performance: Evidence from 15 countries and 14 sectors

The assumption made by research on ambidexterity is that enterprises operating ambidextrously perform better as a result. Similarly, the beneficial effects of ambidexterity are often assumed to be invariant across different contexts, such as sector. However, as is widely acknowledged in the literature, there is a paucity of evidence on which to base these assumptions. To address this issue, in this note we examine evidence from the Community Innovation Survey covering 15 countries and 45,113 enterprises. The paper shows a strong, positive effect on growth in sales turnover from ambidexterity in the manufacturing and the scientific and technical services sectors.     

Sharing risk within and across countries: the role of labor market institutions

This paper studies the effect of labor market institutions on within- and cross-country risk sharing, using a model of international trade in risky assets modified to include a subset of agents, labor-owners who do not access financial markets, and employment security provisions. Labor market, institutions, by promoting within-country risk-shifting arrangements between agents with or without, access to financial markets, reduce the fluctuations of non-tradable labor incomes and amplify the, fluctuations of capital incomes. Capital flows become more volatile across countries, and if the, configuration of labor markets differs across countries, capital-owners bear the burden of systematic, undiversifiable world aggregate uncertainty.     

Long-term employment relationships in the early twentieth century: Evidence from personnel data

This paper utilizes a new panel data set of workers employed by the Canadian Pacific Railway between 1904 and 1929 to analyse the incidence of long-term employment and reasons for changes in job durations after World War I. The hazard function estimates indicate that individuals have only a small probability of staying for more than ten years at the firm, although at any point in time long-term workers constitute a sizable fraction of employees. Increasing post-war spell lengths reflect the changing composition of the workforce rather than differences in macro-economic conditions or changes in employment relationships. Specific human capital and job matching were also important: Long-term employees were shielded from both firm-specific and economy-wide downturns.     

The effect of minimum wage hikes on employment: Evidence from regional panel data from Romania

Minimum wage hikes aim to increase the income of low-wage workers and improve their labour market participation. However, there are concerns that large increases may reduce employment, especially in countries where minimum wages increased quickly and whose competitiveness depends, at least partly, on low production costs. This study examines the employment effect of large increases in the minimum wage in Romania between 2008 and 2016. It uses regional (NUTS III) data and dynamic panel methods. The results do not support the hypothesis that minimum wage hikes reduce employment. They are robust to the use of different econometric methods, plausible variations of the specification and definitions of the key variables. Moreover, the results suggest insignificant effects even for low wage, less developed or high unemployment regions.     

Dynamic volatility transmission and portfolio management across major cryptocurrencies: Evidence from hourly data

This study used hourly data to examine the dynamic conditional correlations and hedging strategies in the main cryptocurrency markets: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP). Multivariate generalized autoregressive conditional heteroskedasticity family models provided evidence of significant positive dynamic conditional correlations among these markets. A weaker conditional correlation was observed for the LCT–XRP portfolio than for the BTC–ETH portfolio, which had the highest correlation value. The dynamic correlations intensified after the cryptocurrency crisis. The results of a portfolio risk analysis suggested that investors should hold less BTC than LTC, ETH, and XRP to minimize risk while maintaining consistent expected portfolio returns. Investors should hold less BTC than the other cryptocurrencies during a crisis. In addition, the cheapest hedge strategy is to hold long BTC and short XRP regardless of the period. Holding long BTC and short LTC was found to be the most expensive hedge strategy. Finally, the study showed that an optimally weighted diversified portfolio provides the greatest reduction in risk and downside risk for ETH and LTC. For XRP, portfolio hedging is the best mechanism for reducing risk.     

Earnings volatility in America: Evidence from matched CPS

We offer new evidence on earnings volatility of men and women in the United States over the past four decades by using matched data from the March Current Population Survey. We construct a measure of total volatility that encompasses both permanent and transitory instability, and that admits employment transitions and losses from self employment. We also present a detailed decomposition of earnings volatility to account for changing shares in employment probabilities, conditional variances of continuous workers, and conditional mean variances from employment entry and exit. Our results show that earnings volatility among men increased by 15% from the early 1970s to mid 1980s, while women's volatility fell, and each stabilized thereafter. However, this pooled series masks important heterogeneity in volatility levels and trends across education groups and marital status. We find that men's earnings volatility is increasingly accounted for by employment transitions, especially exits, while the share of women's volatility accounted for by continuous workers rose, each of which highlights the importance of allowing for periods of non-work in volatility studies.     

外包与劳动生产率提升——基于中国工业行业数据的再检验

本文利用投入产出表中的完全消耗系数和基本流量表,突破FH指数的相同比例假定,利用1997年、2002年和2007年投入产出表计算DJ指数衡量的中国33个工业行业材料外包、服务外包和狭义材料外包水平,并运用面板数据模型检验了外包对劳动生产率整体及行业的影响。主要结论表明,材料外包和服务外包总体上提升了中国工业行业的劳动生产率,其中服务外包的促进作用更强。     

Staffing effectiveness across countries: An institutional perspective

This study draws on institutional theory to investigate why and how staffing effectiveness varies across countries. Utilising data from multiple sources (Cranfield Network on Comparative Human Resource Management [CRANET], Global Leadership and Organisational Behaviour Effectiveness [GLOBE], World Economic Forum [WEF], Transparency International, Tightness-Looseness Index), it covers 2,918 organisations in 11 countries. Extending earlier research on comparative staffing that focuses on cultural or regulatory differences separately, our findings show that companies in different countries implement staffing practices in line with their normative (i.e., cultural), regulatory, and cognitive institutions. A second key finding shows that institutionally embedded staffing practices are associated with organisational turnover, thus challenging dominant universalist perspectives on staffing effectiveness. Finally, we shed light on a central yet understudied boundary condition of contextual perspectives on staffing by identifying the strength of institutional pressures (i.e., societal tightness-looseness) as a moderator of the relationships between national institutions, staffing, and turnover.     

Measuring the impact of work reorganization on firm performance: evidence from French manufacturing, 1995–1999

In this paper, we apply the method of selective matching to estimate the causal effect of organizational changes on employment, stock of capital, value added, and factor productivity. Derived from a panel of 2404 French manufacturing firms in 1997, our estimates show that work reorganization improves firm performance overall through a more efficient use of labor and capital, without requiring any increase in the factors of production.     

中国农业生产率的变动与分解分析:1978～2004年--基于非参数的HMB生产率指数的实证研究

本文使用非参数的HMB生产率指数方法,考察了中国农村改革以来农业全要素生产率（TFP）的变动趋势,并把TFP的增长构成分解为技术进步、技术效率变化、规模效应和投入产出混合效应四个部分。结果表明,改革开放以来我国农业TFP的增长主要是由技术进步推动的,技术效率的下降对TFP的增长造成了不利影响,而规模效应和混合效应影响较弱。文章还指出中国农业的育种能力和生物技术的发展是农业技术进步的决定力量。     

Entry regulations and labour market outcomes: Evidence from the Italian retail trade sector

The paper analyzes the relationship between entry regulations and employment in the Italian retail trade sector. In Italy the opening of large outlets is regulated at the regional level. First, by using differences-in-differences estimators the paper presents evidence that in regions with less stringent entry regulations, retail trade employment does not decrease. Second, the paper focuses on the effects of the rules implemented in Abruzzo and Marche, two otherwise close and similar Italian regions which adopted very different policies: the first set tight restrictions on the opening of large stores; the second did not impose substantial entry regulations. The results show that in Marche after the inception of the flexible regulations the share of total retail trade employment in total population increased by 0.8 percentage points more than in Abruzzo. Fiercer competition also led to a recomposition of employment in small retail shops. These findings are robust to a number of checks.     

Monetary policy on twitter and asset prices: Evidence from computational text analysis

In this paper, we dissect the Twitter debate about the future course of monetary policy and trace the effects of selected topics of this discourse on U.S. asset prices. We focus on the “taper tantrum” episode in 2013, a period with large revisions in expectations about future Fed policy. Based on a novel data set of 90,000 Twitter messages (“tweets”) covering the debate of Fed tapering on Twitter, we use Latent Dirichlet Allocation, a computational text analysis tool, to quantify the content of the discussion. Several estimated topic frequencies are then included in a VAR model to estimate the effects of topic shocks on asset prices. We find that the discussion about Fed policy on social media contains price-relevant information. Shocks to the discussion about the timing of the tapering, about the broader economic policy context and worrying investors are shown to lead to significant asset price changes. We also show that the effects are mostly due to changes in the term premium of yields consistent with the portfolio balance channel of unconventional monetary policy.     

An institutional perspective on consumers' environmental awareness and pro-environmental behavioral intention: Evidence from 39 countries

We adopted an institutional approach to examine the relationship between environmental awareness and pro-environmental behavioral intention at the individual level. We also compared the moderating effects of regulative, normative, and cognitive social institutions on this relationship. Based on survey data representing 42,962 consumers from 39 nations, we found that consumers' environmental awareness promoted their pro-environmental behavioral intention. Moreover, we found that normative social institutions negatively moderated the relationship between environmental awareness and pro-environmental behavioral intention, whereas cognitive social institutions positively moderated this relationship. This paper concludes with a discussion of the implications of these empirical findings.     

Entrepreneurship and economic growth: Evidence from emerging and developed countries

This paper presents an extension to the economic growth model developed by Wong, Ho, and Autio (2005 Autio, E. 2005. 2005 report on high-expectation entrepreneurship, Toronto: GEM Consortium.  [Google Scholar]), to reflect differences in the economic effects of opportunity and necessity-based entrepreneurship in both emerging and developed countries. Data from 44 countries for the years 2004 and 2005, as collected by Global Entrepreneurship Monitor (GEM) research and Global Competitiveness Report (GCR) research, are used to identify predictors of GDP growth for emerging and developed nations. The GEM data are used to determine the effect of different types of entrepreneurship on GDP growth. The GCR data operationalize additional control variables suggested by three economic growth theories: new economic geography, endogenous growth theory and national systems of innovation. This contribution to the literature suggests that, in developed countries, a significant portion of economic growth rates can be attributed to high-expectation entrepreneurs exploiting national investments in knowledge creation and regulatory freedom. However, in emerging countries this effect is absent. It is hypothesized that a threshold exists for entrepreneurs to gain access to the formal economy, below which entrepreneurial contributions act through informal mechanisms.     

Governance and effects of public R&D subsidies: Evidence from China

This study examines the effects of public research and development (R&D) subsidies and the governance of such subsidies on firm productivity based on the analysis of a firm-level panel dataset between 1998 and 2007 in China. It is found that public R&D subsidies tend to support more productive firms and the productivity of these government-backed firms is improved further after they get the government support. Less attention is paid to the observable or measurable performance measurements in ex-ante project selection, and the ex-post effects are stronger when the governance of the public R&D subsidies becomes more decentralized due to an exogenous policy change. In other words, better decentralization of governance is associated with more pronounced effects of R&D subsidies. Identification concerns are addressed with various approaches to confirm the treatment effect of public R&D subsidies and the governance of such subsidies.     

Causality between taxes and expenditures: Evidence from Latin American countries

The paper applies the techniques of cointegration and Hsiao’s version of the Granger causality method to examine the causality between taxes and expenditures for eight Latin American countries. The findings of bidirectional causality between taxes and expenditures in Chile, Panama, Brazil, and Peru indicate that taxes and expenditures are jointly determined. This study, however, detects causality running one way from taxes to expenditures in Columbia, the Dominican Republic, Honduras, and Paraguay. Taken together, this study strongly rejects the spend-and-tax hypothesis. (JEL C320, E620)     

Financial reforms and money demand: Evidence from 20 developing countries

The effects of financial reforms on money demand (M1) are analysed with estimates for two sets of sub-samples and two break dates for twenty developing Asian and African countries. In all cases, the magnitude of income elasticity does not change significantly when compared with sub-samples and whole sample periods. Using CUSUM and CUSUMSQ tests, we find that the demand for money functions in our selected countries are temporally stable and therefore the respective monetary authorities may target money supply as the conduct of monetary policy.     

Globalization and insurance activity: Evidence on the industrial and emerging countries

This study applies panel cointegration with cross-country dependence and causality tests to uncover the extent and the magnitude of the relationship between insurance penetration and globalization. The results first confirm evidence of the long-run relationship between insurance market activities and globalization. Second, we find positive impacts of all three globalization indices on life and non-life insurance penetrations, and globalization has a larger impact on insurance market activities in the industrial countries than in the emerging countries. Finally, the results of panel causality tests roughly show bidirectional causality between insurance market activities and globalization in the long run.     

Non-linear and non-symmetric exchange-rate adjustment: Evidence from medium- and high-inflation countries

This paper analyses a model of non-linear exchange rate adjustment that extends the literature by allowing asymmetric responses to over- and under-valuations. Applying the model to Greece and Turkey, we find that adjustment is asymmetric and that exchange rates depend on the sign as well as the magnitude of deviations, being more responsive to over-valuations than undervaluations. Our findings support and extend the argument that non-linear models of exchange rate adjustment can help to overcome anomalies in exchange rate behaviour. They also suggest that exchange rate adjustment is non-linear in economies where fundamentals models work well.