Public investment in developing countries: A blessing or a curse?

This paper analyzes the relationship between public and private investment in developing countries. We set up a simple theoretical model where two countervailing forces coexist. On the one hand, public investment raises the marginal productivity of private capital and leads to potential crowding-in of private investment. On the other hand, weak institutions and restricted access to financing could diminish the positive effects of public investment projects and crowd-out private investment. The empirical results - which exploit both the time series and cross sectional variation in the data using a panel of 116 developing countries with annual observations between 1980 and 2006 - suggest that on average the crowing-out effect dominates. Moreover, we find that this crowing-out effect is dampened (or even reversed) in countries with better institutions - where the marginal productivity of public investment is conceivably higher - and that are more open to international trade and financial flows, such that financing constraints are less binding.     

HRD in a multipolar world： An introductory study

In the last two decades, the economic and political world was radically transformed. At the start, in the 1980s, the USA and the USSR ruled, in a bipolar context. But, after the fall of the Communist regimes, in the 1990s, a different form of world power sharing emerged, in which the USA, the European Union and Japan were the major players. That change was evident from the documents that were made by those political powers （i.e. the Lisbon agenda on human resource development （HRD））, which in itself contained a forecast of the world situation in 2010. However, life is by nature unpredictable, and the unforeseeable changes happen all the time. And, in the last decade, several main players emerged in the world scene, namely Brazil, Russia, India, China, the Arab World and Africa. In consequence, at the present moment, the world economy exists around at least 9 main players, 3 old and foreseen and 6 new and not foreseen. It is the author＇s opinion that this societal transformation should be addressed by the HRD community, because HRD scholars must study the more national relevant cases in a world that is changing very fast. Accordingly, in this paper, the author tries to make a rather introductory study in which he/she tries to define the basic economic variables for the HRD markets, namely demand, supply, need, equilibrium, investment, stock, flow, and return, for the USA, Japan, Brazil, Russia, India and China. The author uses the last available data, even if we tried to put the analysis in a historical perspective. The author concludes that several very different forms of situations exist in the HRD markets of those very important political entities.     

Critical Success Factors of Brazilian Business Incubators

The main purpose of this study is to determine the Critical Success Factors (CSF) of Brazilian business incubator management and understand how they are structured. These factors are essential to improve the performance of these Brazilian businesses and to strengthening the Brazilian entrepreneurial ecosystem. The strategy used was survey, and the data obtained were analyzed using the statistical technique of Exploratory Factor Analysis. The validated CSF were grouped into seven constructs. Thus far, the literature does not present any article within the scope proposed here. Additionally, the statistical technique used here is applied for the first time in this theme.     

Wage discrimination in the NBA: Evidence using free agent signings

This article takes a step toward understanding potential causes of wage discrimination in an economy highly dependent on the service industry. Traditionally categorized within the service industry, professional sport leagues such as the National Basketball Association (NBA) provides a unique setting to examine the potential impact of race on salary. We analyze free agency contract signings, which allow us to better capture the determinants of players' wages, from 2011 to 2017 to investigate the prominence of wage discrimination in the NBA. Using weighted linear regression models and the Oaxaca–Blinder decomposition, we find that Black athletes are paid significantly less than their counterparts. In addition, we also identify the presence of consumer discrimination after controlling the exposure of a player to the audience, which is observed through the interaction term between the share of MSA population which is White and an identifier for whether a player is Black.     

The impact of frailty on the economic evaluation of geriatric surgery: hospital costs and opportunity costs based on meta-analysis

Abstract

Objectives: We used a systematic review and meta-analysis to analyze the difference in costs between surgery for frail and non-frail elderly patients. The opportunity cost of frailty in geriatric surgery is estimated using the results.

Methodology: Two literature reviews were carried out between 2000 and 2019: (1) studies comparing total hospital costs of frail and non-frail surgical patients; (2) studies evaluating the length of hospital stay and cost for surgical geriatric patients. We performed a meta-analysis of the items selected in the first review. We subsequently calculated the opportunity cost of frail patients, based on the design of a cost/time variable.

Results: Twelve articles in the first review were selected (272,717 non-frail and 16,461 frail). Fourteen articles were selected from the second review. Frail patients had higher hospital costs than non-frail patients (22,282.541 € and 16,388.844, p?<?.001) and a longer hospital stay (10.16 days and 8.4 (p?<?.001)). The estimated opportunity cost in frail patients is 1,019.56 € (cost/time unit factor of 579.30 €/day).

Conclusions: Frail surgical geriatric patients generate a higher total hospital cost, and an opportunity cost arising from not operating in the best possible state of health. Preoperatively treating the frailty of elderly patients will improve the use of health resources     

Poisoned grapes,mad cows and protectionism

This paper studies two episodes where a ban on imports was imposed to safeguard people's health. The first case is the poisoned grapes crisis involving Chile and the United States in 1989. The second is the “mad cows” dispute, which broke out in 1996, between the United Kingdom and the European Union. These case studies motivate a new definition of “protectionist measure” which is applied to argue that the European Union's ban on British beef exports was not protectionist, while the US ban on Chilean fruit possibly classifies as such a measure.     

Factors Determining Citizen’s Attitudes Towards Agri-Environmental Property Rights

The purpose of this paper is to contribute further insights into individuals’ agri-environmental attitudes. In particular, the empirical analysis focuses on how citizens think agri-environmental property rights should be assigned. This has been done by surveying how individuals consider the environmental policy should promote the implementation of a group of agri-environmental measures, allowing us to examine the determinants of individuals’ opinions about this matter. Results indicate that higher level of income and education support the implementation of obligatory agri-environmental measures with no financial support (property rights should rest on society) except for measures to improve public access to land for leisure activities and ecological farming which are seen more of the voluntary kind (property rights should rest on farmers). Additionally, rural residency has strong significant effect on agri-environmental attitudes as rural residents are more likely to support the implementation of voluntary (with/without financial support) agri-environmental measures. On the whole, this research proves to be a valuable tool to identify factors determining individuals’ attitudes towards agri-environmental property rights which can certainly help policymakers to provide customized, better response to social demands on this matter.     

Transmission mechanisms of real stochastic shocks in a small open economy

We offer a qualitative evaluation of the transmission mechanisms of two real shocks, a productivity shock and a government expenditure shock in Walrasian business cycle models. The analysis is developed in a monetary small open economy business cycle model, a set-up general enough to study the effects of the two shocks on both real and nominal variables. Qualitative and graphical displays indicate properties of Real Business Cycles that are able to reproduce observed cyclical patterns, independently of the calibration used for different economies. These qualitative findings match the quantitative results found in the literature, and rationalize some disparity findings (such as the cyclicity pattern of prices) and failures (such as the Dunlop–Tarshis observation). We suggest that understanding the underlying qualitative intuitions of these models may be of great help in tackling new puzzles in this area.