Inadequacy of technology and innovation systems at the periphery

Inadequacy of technology is a child of structuralism; the conceptof a national system of innovation (NSI) is a child of evolutionarytheory. A dialogue between these concepts can enrich our understandingof the problems involved in building NSIs at the periphery.Celso Furtado explains the structural roots of modernisation–marginalisationpolarisation and how the orientation of technology of underdevelopedcountries is embedded in income concentration. The formationof welfare states at the periphery provides NSIs with a new‘focusing device’, helping to break the marginalisationside of the process. The combined formation of NSIs and welfaresystems is an institutional response to modernisation–marginalisationpolarisation.     

A Note on Bonus Scales

We revisit the optimal bonus scales introduced by Norberg (Norberg, R., 1976, Scandinavian Actuarial Journal (2): 92‐107), Borgan, Hoem, and Norberg (Borgan, O., J. Hoem, and R. Norberg, 1981, Scandinavian Actuarial Journal (2): 165‐178), and Gilde and Sundt (Gilde, V., and B. Sundt, 1989, Scandinavian Actuarial Journal (1): 13‐22) and underline some potential problems of the linear scales. As a possible solution we propose the use of geometric scales.     

Exponential rates for kernel density estimation under association

The estimation of density based on positive dependent samples has been studied recently with consistency and asymptotic normality results being obtained. In with regard to the characterization on decrease rates the results have been scarce. We prove two versions of an exponential inequality: one assuming stationarity and association alone and the other under a further assumption on the joint distributions of the sample. These inequalities are then used to prove exponential decrease rates for the kernel estimator of the density with a uniform version over compact sets. The conditions assumed impose convenient decrease rates on the covariance structure of the sample. Some examples supposing geometrical or polynomial decrease rates on the covariances that fulfill our assumptions are presented in the last section. Explicit almost sure rates are derived for geometrically decreasing covariances. Under the extra assumption on the joint distributions the rates are close to the best known ones for independent variables.     

Financial dollarization

We present a portfolio model of financial intermediation in which currency choice is determined by hedging decisions on both sides of a bank’s balance sheet. We show that minimum variance portfolio (MVP) allocations provide a natural benchmark to estimate the scope for dollarization of assets and liabilities (financial dollarization) as a function of macroeconomic uncertainty. Within this benchmark, we find that financial dollarization displays high persistence whenever the expected volatility of the inflation rate remains high in relation to that of the real exchange rate, even after price stabilization has been achieved. The empirical evidence confirms that MVP dollarization approximates financial dollarization closely for a broad sample of countries.     

Happiness perception in Spain,a SEM approach to evidence from the sociological research center

Quality & Quantity - In the current study, we examined the relationship between perceived person happiness and factors that influence this perception, also, is inferred that life satisfaction...     

The Tragic Consumer: A Nietzschean Reading of Irremediably Unsatisfactory Consumption

This essay criticizes the romantic ethic of consumption (Campbell, 1987) from the tragic perspective (Nietzsche, 2006). By tragic, we refer to the constant tension between Apollo and Dionysius (Nietzsche, 2006, p. 47). It is suggested that the romantic ethic of consumption, which orders our existence, is associated with Apollonian ideals, thus, creating a protective and individuating illusion against the chaotic, the amorphous, and the contradictory—characteristics associated with the Dionysian. What has been considered as the romantic-Apollonian ethic of consumption promises to satiate our desires (Campbell, 2006), even though this is not possible since incompleteness is inherent to the individual (Freud, 1996, 1997). This ethic may prove frustrating for some consumers since the satiation of wills has a transient effect and the individual therefore remains in a state of desire. In cases like these, an alternative to the romantic meaning would be the adoption of a tragic conception of consumption, a conception consubstantiated in the knowledge of its uselessness as a strategy to recover a lost completeness. Thus, this article describes the figure of the tragic consumer, the one who knows the chaotic side of the act of consuming, but who reaffirms his or her will, either consuming—since he perceives that there is no escape from the logic imposed by consumption—or by choosing to abandon specific categories of goods that do not respond to the reiteration of his will. As a practical instance for the development of this critique, we have reflected on the phenomenon of category abandonment (Suarez & Chauvel, 2012).     

Concentrated poverty and neighbourhood effects: youth marginalisation in Buenos Aires’ informal settlements

This paper provides evidence for the relationship between concentrated poverty as manifested in the informal settlements and the labour market in the city of Buenos Aires. It also examines the consequences that these have on the social marginalisation of young people. First, it analyses the effects of residential location in informal settlements on labour market access. Secondly, it examines the results of multivariate analyses which measure the net effect of living in informal settlements on key indicators of youth marginalisation, as well as the interrelation of the effects of family educational and occupational status. The results demonstrate that the spatial concentration of poverty in informal settlements is linked to labour market segmentation, and is a central determinant of urban marginality. For young people, the very fact of living in informal settlements, in households with highly precarious employment status, significantly increases their risk of marginalisation in a cumulative manner. These findings point to the importance of adopting an integral approach that addresses the dynamics of deprivation in a multi-dimensional and multi-level setting.     

Are securitised real estate markets efficient?: New international evidence based on an improved automatic Portmanteau test

We re-examine the efficiency of real estate markets based on the Escanciano-Lobato (2009) autocorrelation test which we improved by means of wild bootstrapping. Through Monte Carlo simulation, we find that the wild bootstrap-based autocorrelation test has very good performance even in small samples. We apply the improved test to examine the efficiency of 14 international securitized real estate markets—Australia, Canada, France, Germany, Hong Kong, Italy, Japan, Netherlands, Norway, Singapore, Sweden, Switzerland, United Kingdom and the United States. Our results show that only six of these markets—Australia, Hong Kong, Italy, Japan, Sweden and the United States are efficient while the rest are inefficient. We also find that the degree of efficiency or inefficiency of each of these markets varies considerably across time. These findings indicate that real estate markets are relatively less efficient as compared to stock and bond markets in general and may also offer an explanation as to why existing studies on real estate market efficiency have mixed results.