Speculative Bubbles in U.K. House Prices: Some New Evidence

In this article, we test the view, widely held among both academics and practitioners, that speculative bubbles have characterized the time series behavior of U.K. house prices in recent times. We motivate our empirical analysis using a stylized overlapping-generations model which generates a housing demand function of the form assumed by a large literature, illustrating how rational bubbles may arise as a solution to the house price determination equation. Employing two recently developed econometric techniques specifically designed to test for rational bubbles, we then provide empirical evidence for the existence of bubbles in U.K. house prices over the sample period 1983-2002.     

The extensive and intensive margins of Spanish trade

Recent empirical research highlights that differences in trade flows across countries, products and years are governed by two margins: the intensive margin and the extensive margin. The analysis of the relative contribution of each margin is very important to determine which policies can be more efficient to foster trade at the aggregate, geographic, product or firm level. We use the whole universe of firm level transaction data to analyse the relative contribution of these margins to changes in Spanish trade flows during the 1997–2007 period. We first apply the methodology proposed by Bernard et al. (2009 Bernard, A.B., Jensen, J.B., Redding, S.J. and Schott, P.K. 2009. The margins of US trade. American Economic Review: Papers & Proceedings, 99(2): 487–93. [Crossref], [Web of Science ®] [Google Scholar]) to decompose trade variation over time into three components: net entry of firms, product-country switching and value growth by regular trading firms. The first two components correspond to the extensive margin and the last one refers to the intensive margin. We find that short-run changes in exports and imports are governed by firms’ intensive margin; however, in the long-run, both the extensive and the intensive margins are equally important to foster trade. We also examine the importance of the trade margins at the cross-sectional level for the year 2007. We find that large differences in the Spanish trade flows across countries and products, especially in the case of exports, are explained by the number of firms that participate in trade, which is consistent with the fact that the number of trading partners decline significantly with distance.     

The Flexible–Rigid Paradox of Employment Relations at Royal Mail (UK)

This article examines how flexibility and rigidity equally pose a dilemma for management and trade unions. It explores the issue by examining a range of features within the employment relationship at the Royal Mail in the UK. It seeks to demonstrate how, in practice, both management and trade unions can require, pursue and argue for different and competing combinations of flexibility and rigidity. It concludes that it is analytically more useful to examine the content and form of the 'flexible–rigid mix' and explore how this is mediated by political, social and operational/technical processes.     

New communication systems and trade union politics: a case study of Spanish trade unions and the role of the internet

This article shows how engagement with the internet and aspects of the new economy/society require an appreciation of union difference and politics. It shows how union responses vary due to four factors: communication strategies, union identity, forms of internal democracy and a range of organisational and social contingencies. The article will study the phenomena of the internet in the context of one national case study, Spain. It is a country that allows us to view the political dimensions of the internet, and the way they link to communication strategies, due to the manner in which the labour movement has transformed and modernised itself. It is also of interest because methods of communication have been at the heart of the way in which unions have developed and differentiated themselves. This article will argue that a greater sensitivity is required in terms of union history, politics and identity if the impact and use of new forms of communication are to be fully appreciated. It also points to the need to appreciate tensions between different forms of communication.     

What is Alive and What is Dead in the Theory of Corporatism

The term ‘corporatism’ simultaneously designates a particular interest group structure, characterized by monopolistic, centralized and internally non‐democratic associations, and a particular policy‐making process, also known as ‘concertation’ or ‘social partnership’. This paper argues that structure and process may no longer be closely associated. By focusing on the Irish and Italian cases, it shows that concertation is perfectly compatible with a non‐corporatist structure of the interest representation system. Inter‐ and intra‐organizational co‐ordination remains important for the viability of concertation. However, it can be achieved, even in relatively fragmented systems like the Irish and the Italian, through alternative mechanisms relying on democracy and discussion.     

Contracts,compacts and the common law Some problems with New Right theories of human resource management Contracts,compacts and the common law

The study of HRM in Spain is flourishing. We have seen the major international journals begin to reflect the work of Spanish academics in this area. The standard is high and the international network of Spanish scholars is increasingly developed. This paper attempts to review the work that is published in English and to see how Spanish HRM systems are represented externally. It tries to locate the discussion of the HRM research in Spain within its academic and social context. The authors argue that there are some characteristics marking this debate and development, which suggest that the study of HRM in Spain is hugely Americanized in terms of methods and content. The lack of synergies with sociology and political economy are evident. Moreover, the shortage of rigorous qualitative research, apart from that on employment relations and the sociology of work, raise some serious issues. The manner in which a discourse of HRM in Spain has evolved leaves many questions and issues unaddressed. While evaluating what we believe to be a relevant selection from HRM publications on Spain in English by Spanish authors in the last 15 years we do not attempt to present them all here. Instead, we try to isolate some representative articles. In sum, the paper aims to fill a gap in the Spanish HRM literature by studying the main debates, the research issues that are given priority and the methodological options. As a conclusion, we can say that it is necessary to encourage academic discussions regarding the features of the management of HR in Spain. In this sense it should be noted that the mainstream HRM approaches formulated in American Business Schools do not necessarily fit within the Spanish context.     

Trade unions,management and European works councils: Opening Pandora's box?

This paper makes a contribution to the ongoing debate on transnational worker representation in light of the European Works Council (EWC) directive. Three issues in particular are highlighted which we believe contribute to the organizational and political developments of EWCs. First, we present some variables which have stimulated worker representatives to 'network' with each other across national boundaries prior and parallel to the EWC directive. Looking at factors other than the EWC directive can give us a greater appreciation of the likely interactive nature of employee representatives, trade unions and management in the new forums. Second, and in particular, we explore whether certain elements of existing national industrial relations systems either stimulate or limit interest by employee representatives in forming and aligning themselves to transnational forums. Given that the German and British industrial relations systems are so different, and that the divergence between them is seen as an impediment to EU attempts to promote the growth of an integrated European system (Crouch, 1993), the research compares developments in these two countries. Third, the paper explains how management is responding to developments in transnational worker representative forums within the context of divergent industrial relations systems. We highlight in particular the way management is able to utilize institutional aspects of national systems in conditioning transnational worker representation in the newly structured forums. Such responses, we argue, raise questions regarding our understanding of convergence and divergence in industrial relations.     

The effect of ownership on sustainable development and environmental policy in urban waste management: An explicatory empirical analysis of Italian municipal corporations

This paper investigates the effect of ownership on sustainable development and environmental policy in Italian municipally owned corporations (MOCs) dealing with urban waste management, trying to understand if multiple ownership can generate better performance compared to single ownership and if the presence of private partners could be crucial in this. The research question is answered by analyzing 41 MOCs of the largest Italian cities operating in urban waste management. In this specific sector, public administrations have tried to improve their offer in terms of sustainable development, environmental policy, and efficiency. The paper covers the Italian case study, where urban waste production per capita is higher than the European average figure. The waste cycle management service is operated in Italy at local level through totally publicly owned companies (monoadministration or multiadministration), mixed (public–private) companies, or via a full externalization achieved by means of public tenders. Through a multinomial ordered probit panel, we show that MOCs with multiple owners perform better than those having a single owner and perform much better with the presence of a private partner, confirming those academic findings according to which collaborative arrangements can increase efficiency, do better than public sector bureaucracy, and lower the costs of service provision. The results of this paper can be used by academics, practitioners, and policy makers alike. To the best of our knowledge, this is the only study that applies this perspective to the analysis of the current international waste management scenario with relation to MOCs having multiple ownerships.     

The variation of export prices across and within firms

This paper uses transaction-level trade data to analyze the differences in export prices across and within Spanish firms exporting manufactures in the 2010–2014 period. The transactional nature of the database uncovers sizable differences in the price that an exporter charges for the same product and destination. These differences are related with the number of goods covered within each product category, the exported quantity per transaction and the number of transactions carried out by firms.