Short-term wholesale funding and systemic risk: A global CoVaR approach

We use the CoVaR approach to identify the main factors behind systemic risk in a set of large international banks. We find that short-term wholesale funding is a key determinant in triggering systemic risk episodes. In contrast, we find weaker evidence that either size or leverage contributes to systemic risk within the class of large international banks. We also show that asymmetries based on the sign of bank returns play an important role in capturing the sensitivity of system-wide risk to individual bank returns. Since short-term wholesale funding emerges as the most relevant systemic factor, our results support the Basel Committee’s proposal to introduce a net stable funding ratio, penalizing excessive exposure to liquidity risk.     

Tourist accommodation,consumption and platforms

The expansion of mediated accommodation on peer to peer (P2P) platforms, such as Airbnb, has generated extensive economic impact and structural changes in all the destinations involved. This study proposes an innovative analysis which estimates the economic impact associated with the expenditure of tourists staying in traditional hotel establishments in comparison to the impact of those staying in tourist housing mediated through P2P platforms. This research analyses fieldwork based on 1343 surveys carried out in the city of Granada, one of the main tourist destinations in Spain. Through the application of the input–output methodology we found that tourists staying in tourist housing mediated through P2P platforms generate a greater impact as a consequence of longer average stays and more heterogeneously distributed consumption. Their average expenditure is similar to that of tourists in hotels, but the indirect impact generated is greater. Consequently, we can better comprehend the economic impact associated with these platforms and their real effect. Public planners have to consider this information as part of the regulation and restriction of this activity.     

Multilevel marketing: optimizing marketing effectiveness for high-involvement goods in the automotive industry

International Entrepreneurship and Management Journal - With a surge in communication channels increasing the complexity of today’s media landscape, companies face new challenges concerning...     

The contribution of social tourism to sustainable tourism: a case study of seasonally adjusted programmes in Spain

Recent policy from the European Union has attempted to justify social tourism initiatives on the basis that they lead to a more sustainable tourism industry. However, the majority of latest research in the field has been focused on the benefits for participants, with the addition of some evidence on the economic impacts of such programmes on destinations, which have pointed towards sustainability outcomes including: a longer tourism season, more even spread of demand, and longer periods of employment for tourism workers. Yet there is a lack of direct evidence linking such programme to these outcomes. This paper aimed to explore this important disconnect between policy assumptions and evidence-based outcomes through an analysis of the deseasonalising effects of the Spanish social tourism programme for older people. The research found that this programme does have an effect on the seasonal nature of employment and economic activity in most regions studied, but that the huge volume of demand from international tourists in the high seasons masks the quantitative effects in the regions with the highest seasonal concentration of international tourists. Recommendations for policy and practice in sustainable tourism are made that are transferable to many countries and regions that adopt social tourism programmes.     

On the dynamics of inflation persistence around the world

We study the dynamics of inflation persistence in 45 countries for the period 1960–2008 using a recently developed test for multiple changes in persistence, which decomposes the sample information between adjacent I (0) and I (1) periods. We find that: (i) inflation persistence and average inflation tend to fall and rise at the same time; (ii) in some countries there are changes in the level of inflation which do not seem to be related to changes in inflation persistence; (iii) around half of the countries analyzed do not present any burst of I (1) behavior, and hence have stationary inflation throughout; (iv) for the other half, we detect switches of the type I (0) ? I (1) ? I (0), hence, inflation persistence, when it has occurred, has been temporal; and, (v) for about half of the countries in which inflation has presented I (1) behavior, persistent inflation lasted more than a decade. In addition, we find that in the last 50 years there have been mainly two episodes where long bursts of I (1) inflation took place simultaneously among groups of countries. In general, the “Great Inflation” occurred during the seventies and eighties in advanced economies, whereas it occurred during the eighties and nineties in emerging economies, particularly in Latin America.     

Cultural Tourism And Flamenco In The City Of Cordoba (Spain)

Flamenco is a tourist product that can attract many visitors from around the world, and the city of Cordoba (Spain) has an important role in the origins of flamenco. This work studies whether the satisfaction of cultural tourists who visit the city can be influenced by cultural offers related to flamenco. To achieve this objective, fieldwork was carried out based on 709 surveys conducted in the most important flamenco “tablaos” (stages) of the city. The techniques of factorial analysis and linear adjustment were used. The results show that flamenco can be a product that complements the satisfaction of cultural tourists.     

A generalized maximum entropy (GME) approach for crisp-input/fuzzy-output regression model

In this paper we present a crisp-input/fuzzy-output regression model based on the rationale of generalized maximum entropy (GME) method. The approach can be used in several situations in which one have to handle with particular problems, such as small samples, ill-posed design matrix (e.g., due to the multicollinearity), estimation problems with inequality constraints, etc. After having described the GME-fuzzy regression model, we consider an economic case study in which the features provided from GME approach are evaluated. Moreover, we also perform a sensitivity analysis on the main results of the case study in order to better evaluate some features of the model. Finally, some critical points are discussed together with suggestions for further works.