Estimators for the common principal components model based on reweighting: influence functions and Monte Carlo study

The common principal components model for several groups of multivariate observations is a useful parsimonious model for the scatter structure which assumes equal principal axes but different variances along those axes for each group. Due to the lack of resistance of the classical maximum likelihood estimators for the parameters of this model, several robust estimators have been proposed in the literature: plug-in estimators and projection-pursuit (PP) type estimators. In this paper, we show that it is possible to improve the low efficiency of the projection-pursuit estimators by applying a reweighting step. More precisely, we consider plug-in estimators obtained by plugging a reweighted estimator of the scatter matrices into the maximum likelihood equations defining the principal axes. The weights considered penalize observations with large values of the influence measures defined by Boente et al. (2002). The new estimators are studied in terms of theoretical properties (influence functions and asymptotic variances) and are compared with other existing estimators in a simulation study.     

Keynesian theorising during hard times: stock-flow consistent models as an unexplored 'frontier' of Keynesian macroeconomics

This paper argues that the stock-flow consistent approach tomacroeconomic modelling (SFCA) is a natural outcome of the pathtaken by Keynesian macroeconomic thought in the 1960s and 1970s,a theoretical ‘frontier’ that remained largely unexploredwith the end of Keynesian academic hegemony. It does so in twosteps. First, it phrases the representative views of Davidson,Godley, Minsky and Tobin as different ‘closures’of the same (SFC) accounting framework, calling attention totheir similarities and logical implications. Second, it discussesunresolved issues within this approach and how it differs from‘modern’ theorising.     

BI-REGIONAL SAM LINKAGES: A MODIFIED BACKWARD AND FORWARD DISPERSION APPROACH

The aim of the paper is to apply a new backward and forward dispersion approach, starting from the original Rasmussen definition, which can give further insight into the interactions between industries and institutional sectors in a multiregional framework. The method is based on identification of the Macro Multipliers and the related impact components of a model based on a bi-regional SAM, which allows for the representation of the bi-regional multisectoral and multi-industry model in a two-dimensional space defined by the two dominating impact components. From such representation, we derive a set of indices of intraregional and interregional backward and forward dispersion that identifies key groups of industries and institutional sectors. The strength of these groups is further evaluated in terms of correlation of the impact components within the groups and cross-correlation between industry and institutional sectors groups. Comparative analysis among regional results gives a full picture of regional income policies.     

An Evaluation of ASEAN Port Performance and Efficiency*

The overall objective of this paper is to evaluate the performance and efficiency of ASEAN ports. Specifically, it first identifies overseas ports similar to ASEAN ports in terms of nature and roles, port management policies, and infrastructure and operations, using the statistical technique of cluster analysis. Having identified the groupings of similar ports, the paper compares the ASEAN port performances and efficiency with their (similar) overseas counterparts. The results of the ‘like for like’comparison show that the ASEAN ports have achieved higher levels of efficiency in the utilization of cranes, berths and storage areas, with the port of Singapore as the top performer. However, they are generally less efficient in terms of timeliness, labour and tug utilization. Charges in ASEAN ports are also significantly higher than those of their (similar) overseas counterparts. Thus, we can say that, although the ASEAN ports are efficient from the port authorities’viewpoint, there is much scope for improving their services to port users, particularly in terms of timeliness and port charges.     

PRODUCT MARKET STRUCTURE,CAPITAL INTENSITY,AND SYSTEMATIC RISK: EMPIRICAL RESULTS FROM THE THEORY OF THE FIRM

Product market concepts from industrial organization economics are integrated with financial valuation models of the firm to investigate relationships among systematic risk, capital intensity, and product market power. The theory of the firm facing uncertain input and output prices is extended to provide empirical models. Empirical results coincide with hypotheses derived from the theoretical model and pose questions about traditional single period hypotheses found in the finance literature.     

Food aid as a tool of development: The experience of PL 480, Title III

This article reviews the experience of the US Food for Peace Program (PL 480) under Title III, with the objective of identifying some of the limitations and possibilities of using food aid as a development tool. It will argue that while multi-year agreements are inflexible, the settings in which the agreements are to be implemented are turbulent and uncertain. Combining food aid with development also makes severe demands upon the administrative capacity of both field missions and recipients, resulting in a reluctance on the part of both to initiate agreements.     

Ethics,ideology and nutrition

What drives nutritionists in their daily work? Why do they choose nutrition and not another field? Presumably it is the appeal of working, either locally or globally, to alleviate the suffering caused by malnutrition. This article explores the political awareness of nutritionists, the political implications of their daily activities and suggests an enhanced role for nutritionists in the battle against malnutrition. The starting point for this article is the motivating principles behind individual nutritionists.     

Les producteurs brésiliens et l'instabilité des prix : Différences de comportement entre le Nord et le Sud

Cet article présente une analyse des décisions des agriculteurs brésiliens en situation d'incertitude. Après avoir souligné les problèmes liés au calcul de l'instabilité des prix en série temporelle, une équation d'offere est développée à partir d'un modèle « de sécurité>> selon lequel le producteur est supposé maximiser son profit espéré, sous des contraintes de liquidité et de sécurité. Le modèle est testé sur données de panel, pour trois produits — le coton, le riz et le maïs – de façon à mettre en évidence des différences de comportement vis-à-vis du risque de prix entre les agriculteurs du Nord-Est et du Centre-Sud du Brésil.